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What Insights Do Experts Offer on the Spring Housing Market?

For those contemplating a move in the near future, the spring housing market brings forth a flurry of questions: Will there be an abundance of homes to select from? What trajectory will prices and mortgage rates follow? How can one adeptly maneuver through the current market landscape? Here's a breakdown of what industry experts have to say about what lies ahead this season.



Odeta Kushi, Deputy Chief Economist at First American, suggests, "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, underscores the persistent demand, noting, "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, remarks, "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, highlights an opportunity for prospective buyers: "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 eyeing the spring market, the current scarcity of available homes presents a prime opportunity. Although inventory is increasing, it's still insufficient to meet the current demand, resulting in swift sales.


Prospective buyers, on the other hand, can rejoice in the growing selection of homes this spring compared to the previous year. However, they should be prepared to act swiftly, as competition among buyers remains fierce.


In conclusion, regardless of your real estate plans, enlisting the expertise of a local real estate agent will provide you with the confidence to navigate the bustling spring market effectively.

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