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What Are Experts Saying About the Spring Housing Market?
Friday, March 22, 2024
What Are Experts Saying About the Spring Housing Market?
Friday, March 22, 2024
If you’re planning to move soon, you might be wondering if there'll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here's what the professionals are saying about what’s in store for this season.
Odeta Kushi, Deputy Chief Economist, First American:
“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”
Lisa Sturtevant, Chief Economist, Bright MLS:
“There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”
Danielle Hale, Chief Economist, Realtor.com:
“Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.”
Skylar Olsen, Chief Economist, Zillow:
“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”
Jiayi Xu, Economist, Realtor.com:
“While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”
If you’re looking to sell, this spring might be your sweet spot because there just aren’t many homes on the market. Sure, inventory is rising, but it’s nowhere near enough to meet today’s buyer demand. That’s why they’re still selling so quickly.
If you’re looking to buy, the growing number of homes for sale this spring means you’ll have more choices than this time last year. But be prepared to move quickly since there’ll be plenty of competition with other buyers.
Bottom Line
No matter what you're planning, let’s team up to confidently navigate the busy spring housing market.
Hi, I Am Kim Dorman
Long & Foster Realtor
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Kim Dorman, with Long and Foster Real Estate, went above and beyond in handling the recent sale of our home! She gave us lots of information on all the steps involved in selling, as well as excellent recommendations for contractors for any needed repairs. She was very knowledgeable about all the steps involved and very willing to explain the whole process. We would definitely recommend her to anyone looking to buy or sell their home!
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We called Kim, once again, to help us find our home upon our return to the area. She was quickly responsive and strove to understand all of our desires for a new home, and advised us in all aspects of the search. She helped us to quickly find a home we love, answered or sought answers to any questions we came up with, and walked us through the entire process from the search to the closing. Kim is a brilliant advocate and is vastly experienced. We highly recommend her for any real estate need.
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Being a first time home buyer, my boyfriend and I were a little nervous about the home-buying process. Kim right away made us feel at ease and was able to speak to us first about the process before going all in. She discussed the housing market and what we can expect.... We are very happy with Kim and would strongly recommend using her for buying or selling your home.
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