The real estate market has recently experienced a lot of transformations, leading to a sense of uncertainty about the future. As we head into spring, people may be curious about whether there will be an increase in homes for sale, what will happen to home prices and mortgage rates, and what advice is available for those looking to buy or sell. To shed some light on the situation, industry experts have shared their current perspectives on the spring housing market and what it could mean for individuals.
Selma Hepp, who serves as the Chief Economist at CoreLogic, has noted that there is an increase in competition among buyers during the spring season. She also mentioned that the housing supply tends to increase during this time. Furthermore, there is typically more migration during the spring as recent graduates search for new job opportunities in other locations.
Greg McBride, who serves as the Chief Financial Analyst at Bankrate, predicts that there won’t be significant changes in home prices over the course of a month. However, he notes that the housing market is showing signs of improvement similar to the budding of flowers in the spring. An increase in activity, despite the low inventory of homes, is a positive sign for the housing market and suggests that home prices may rise.
Rick Sharga, the Founder and CEO of CJ Patrick Company, advises prospective homebuyers not to wait if they find a home that they love and can afford at current prices. He believes that home prices in most parts of the country are unlikely to experience a sudden decline, and any decrease in mortgage rates will be gradual and may not occur at all during the remainder of the year.
According to Jeff Tucker, Zillow’s Senior Economist, the current housing market in the spring is more favorable for buyers who can afford to purchase a property, but they may encounter tough competition due to the low inventory. While there is an increase in new listings during this season, it’s not happening as rapidly as it usually does. This means that buyers will need to act fast to secure a property since there are not many homes available on the market.
Bottom Line
The blog suggests that the current low inventory in the housing market during the spring season makes it a favorable time for homeowners to consider selling their houses. For those who are financially capable of purchasing a property, it’s recommended to seek the advice of expert advisors such as real estate agents, home stagers, and attorneys to make informed decisions.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.www.kayahomesny.com
Thu, 27 Apr 2023 20:41:51 +0000
Greg McBride, who serves as the Chief Financial Analyst at Bankrate, predicts that there won’t be significant changes in home prices over the course of a month. However, he notes that the housing market is showing signs of improvement similar to the budding of flowers in the spring. An increase in activity, despite the low inventory of homes, is a positive sign for the housing market and suggests that home prices may rise.
Rick Sharga, the Founder and CEO of CJ Patrick Company, advises prospective homebuyers not to wait if they find a home that they love and can afford at current prices. He believes that home prices in most parts of the country are unlikely to experience a sudden decline, and any decrease in mortgage rates will be gradual and may not occur at all during the remainder of the year.
According to Jeff Tucker, Zillow’s Senior Economist, the current housing market in the spring is more favorable for buyers who can afford to purchase a property, but they may encounter tough competition due to the low inventory. While there is an increase in new listings during this season, it’s not happening as rapidly as it usually does. This means that buyers will need to act fast to secure a property since there are not many homes available on the market.
Bottom Line
The blog suggests that the current low inventory in the housing market during the spring season makes it a favorable time for homeowners to consider selling their houses. For those who are financially capable of purchasing a property, it’s recommended to seek the advice of expert advisors such as real estate agents, home stagers, and attorneys to make informed decisions.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.www.kayahomesny.com
Thu, 27 Apr 2023 20:41:51 +0000
by Mottek Group