If you're gearing up for a move in the near future, you're likely curious about what the housing market has in store for you. Wondering if there will be a wider selection of homes available, where prices and mortgage rates are headed, and how to best navigate the current market conditions? Here's a roundup of insights from industry experts to shed some light on what to expect this season.
According to Odeta Kushi, Deputy Chief Economist at First American, there's a promising uptick in inventory anticipated for the spring. However, she emphasizes that this increase may not fully satisfy the ongoing demand for homes.
Lisa Sturtevant, Chief Economist at Bright MLS, notes that demand remains robust, especially with a substantial millennial population entering the prime phase for first-time home buying.
Danielle Hale, Chief Economist at Realtor.com, highlights the current market as offering a balanced scenario for both buyers and sellers. While price growth is slowing, indicating favorable conditions for buyers, prices still remain relatively high, benefiting sellers.
Skylar Olsen, Chief Economist at Zillow, points out a slight increase in available homes compared to the previous year. However, she warns that well-priced properties are still attracting significant competition, advising buyers to prepare their finances and sellers to prepare their listings promptly.
Adding to the perspective, Jiayi Xu, Economist at Realtor.com, mentions that despite elevated mortgage rates, spring buyers might find more affordable options compared to the same period last year, particularly in the price range of $200,000 to $350,000.
For sellers, the limited inventory in the market presents a prime opportunity this spring. While there's a rise in available homes, it's insufficient to meet the current demand, resulting in swift sales.
On the flip side, buyers can look forward to a broader selection of homes this spring compared to last year. However, with heightened competition, they need to be prepared to act swiftly when they find the right property.
In conclusion, regardless of whether you're buying or selling, partnering up to navigate the bustling spring housing market can lead to confident decisions. Looking to buy or sell a home in the Greater Boston, MA area? Let's work together to make the most of the opportunities this season presents.
