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What Are the Experts Saying About the Spring Housing Market?

The housing market has been going through a lot of change lately, and many people are feeling uncertain about what the future holds. With the arrival of spring, you may be wondering if more homes will be going on the market, what’s next for home prices and mortgage rates, or what the best advice is for someone in your position right now.

Fortunately, industry experts have been weighing in on these questions, providing valuable insights for both buyers and sellers in the current housing market. Here’s what they’re saying right now about the spring housing market and what it means for you.

More Homes Are Expected to Hit the Market

One of the biggest concerns for buyers in the housing market right now is inventory. With so few homes available, it can be challenging to find the right property at the right price. However, industry experts are predicting that more homes will be hitting the market this spring, which could help alleviate some of the inventory issues that buyers have been facing.

According to real estate brokerage Redfin, new listings increased by 5.5% in February 2021, compared to the same month in 2020. This trend is expected to continue throughout the spring, as more sellers feel confident about putting their homes on the market.

Home Prices Are Still on the Rise

While more homes on the market are a positive sign for buyers, it’s important to note that home prices are still on the rise. According to the National Association of Realtors (NAR), the median existing-home price in February 2021 was $313,000, up 15.8% from February 2020.

However, experts predict that home price growth may start to slow down as more inventory becomes available. Lawrence Yun, NAR’s chief economist, predicts that home price growth will slow to a more sustainable pace of 4% to 5% by the end of 2021.

Mortgage Rates Are Still Low

Another factor to consider in the housing market is mortgage rates. Despite some fluctuations in recent months, rates are still relatively low compared to historical averages. As of April 2021, the average interest rate on a 30-year fixed-rate mortgage was 3.18%, according to Bankrate.

Experts predict that mortgage rates will remain low throughout the spring and into the summer, which is good news for buyers who are looking to lock in a low rate.

Advice for Buyers and Sellers

Given the current state of the housing market, what’s the best advice for buyers and sellers? Here are a few key takeaways:

For Buyers:

  • Be prepared to act quickly. With more homes hitting the market, it’s important to be ready to make an offer as soon as you find the right property.
  • Don’t be discouraged by rising prices. While home prices are still on the rise, they may start to level out in the coming months as more inventory becomes available.
  • Work with a real estate agent who knows the local market. A knowledgeable agent can help you navigate the current market conditions and find the right home for your needs.

For Sellers:

  • Take advantage of the current demand. With inventory low, there’s a high demand for homes. This could work in your favor if you’re looking to sell your property quickly.
  • Price your home competitively. While home prices are rising, it’s important to price your home competitively to attract the most buyers.
  • Work with an experienced agent who can help you navigate the selling process. A good agent can help you set the right price, market your home effectively, and negotiate with potential buyers.

Overall, the spring housing market is showing signs of improvement for both buyers and sellers. With more homes expected to hit the market and mortgage rates remaining low, it’s a good time to explore your options if you’re in the market for a new

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