What Will The Housing Market Look Like?
Spring is almost here, and many are wondering what it will bring for the housing market. Even though the pandemic continues, it’s certain to be very different from the spring we experienced last year. Here’s what a few industry experts have to say about the housing market and how it will bloom this season.
“Despite early weakness, we expect to see new listings grow in March and April as they traditionally do heading into spring. One other potential bright spot for would-be homebuyers, new construction. We’ve seen a rise year over year pace of 20% or more for the last few months. This will provide additional for-sale inventory relief.”
“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed. This suggests more inventory will be for sale in late 2021 and into the spring selling season in 2022.”
“Since reaching a low point in January, mortgage rates have risen by more than 30 basis points… However, the rise in mortgage rates over the next couple of months is likely to be more muted. We expect a strong spring sales season.”
“As the housing market heads into the spring home buying season, the ongoing supply and demand imbalance all but assures more house price growth…Many find it hard to believe, but housing is actually undervalued in most markets. The gap between house-buying power and sale prices indicates there’s room for further house price growth in the months to come.”
The experts are very optimistic about the housing market right now. If you pressed pause on your real estate plans over the winter, let’s chat to determine how you can re-engage in the homebuying process this spring.
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