The Early Arrival of the Spring Housing Market

Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge happens in the spring, likely in March or April. FALSE!!!

The Phenomenon of an Early Spring Market

Gone are the days when spring housing market activity began in March or April. Today, the market is heating up as early as January or February. Here's why:

1. Seize the Opportunity of Lower Mortgage Rates:

Last October, 30-year fixed mortgage rates peaked at 7.79%. However, in January, they hit their lowest level since May. This downward trend in rates has made moving more financially feasible compared to just a few months ago. Additionally, with more buyers reentering the market due to improved affordability, there's heightened demand for homes. According to Sam Khater, Chief Economist at Freddie Mac, this stabilization in rates has prompted potential homebuyers to act, thus increasing demand.

2. Get Ahead of Your Competition:

Currently, there are more buyers than available houses for sale, putting sellers in a favorable position. However, with a recent uptick in new listings, competition among sellers may intensify. Listing your house now allows you to stand out and potentially receive multiple offers if priced appropriately. U.S. News highlights that in a low housing inventory scenario, sellers can secure top dollar for their homes.

3. Maximize Rising Home Prices:

According to Forbes, it is predicted that home prices will continue to increase this year. Acting now before prices rise further can be advantageous, especially if you plan to sell your current home and purchase another. Moving sooner rather than later affords you the opportunity to buy your next home before prices escalate further.

4. Leverage Your Equity:

Today's homeowners possess substantial equity, with the average homeowner with a mortgage holding over $300,000 in equity, as per a recent report from CoreLogic. If concerns about home affordability have held you back from selling, tapping into your equity can alleviate these worries and potentially cover a significant portion, if not all, of the down payment for your next home.

The Bottom Line:

If you're considering selling your house, it's prudent to connect with us to initiate the process now. By doing so, you can gain a competitive edge and embark on your next chapter with confidence. Contact us today to learn more about how we can assist you in navigating the early spring housing market and achieving your real estate objectives!