As the spring season unfolds, many prospective movers are curious about the dynamics shaping the housing market: will there be more housing options, what direction are prices and mortgage rates headed, and how best to navigate the current landscape? Here’s a glimpse into what industry experts are forecasting for the coming months.
Odeta Kushi, Deputy Chief Economist at First American, observes, “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 at Bright MLS, notes, “There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”
According to Danielle Hale, Chief Economist at 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 at Zillow, points out, “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, as attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”
Jiayi Xu, Economist at Realtor.com, emphasizes, “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.”
For sellers, the limited housing inventory this spring presents an advantageous window of opportunity. Although inventory is on the rise, it’s still insufficient to meet the robust demand from buyers, resulting in swift sales.
On the buyer’s side, the expanding inventory offers a broader array of choices compared to last year. However, prospective buyers should be prepared to act swiftly, as competition remains fierce.
In conclusion, regardless of your real estate goals, teaming up with a local real estate agent can provide invaluable guidance to navigate the bustling spring housing market with confidence.