The spring housing market is an exciting time for real estate professionals, buyers, and sellers alike. It is the time of year when many people begin to think about buying or selling a home. As we head into the spring season, experts have been weighing in on what we can expect from the housing market in the coming months. In this blog post, we will take a look at what the experts are saying about the spring housing market.
One of the biggest challenges facing the housing market this spring is low inventory. According to Danielle Hale, chief economist for Realtor.com, "Low inventory continues to be a challenge, with fewer homes for sale compared to pre-pandemic levels, particularly in the affordable price ranges."
With low inventory, it is no surprise that home prices are continuing to rise. In fact, according to a recent report by CoreLogic, home prices increased by 10.4% in February 2021 compared to February 2020.
Hale predicts that "home prices will continue to rise, but at a slower pace than we've seen over the last year. The increases will be in the low single digits, rather than the double-digit gains we saw in 2020."
Despite low inventory and rising prices, demand for homes remains high. According to a recent survey by NAR, 63% of homebuyers are searching for homes earlier than planned due to low mortgage rates.
Hale also notes that "there are still plenty of interested buyers out there, and many are willing to pay a premium for the right home."
In conclusion, the spring housing market is expected to face some challenges due to low inventory and rising prices. However, demand for homes remains high, and virtual tours and remote work have opened up new possibilities for buyers and sellers alike. As we move further into the spring season, it will be interesting to see how these trends evolve and what impact they will have on the real estate industry as a whole.