As the weather starts to get warmer and the flowers begin to bloom, the more we realize that the spring housing market is right around the corner! Traditionally, the housing market booms in the spring because more homes tend to get listed after a long winter. Typically, this time of year is optimal for buyers to move because of the warmer weather and end of school year.
Now is the perfect time to spring into action and find your dream home. Don’t wait until spring (officially beginning March 20th) to begin your home buying journey. These market conditions are something you don’t want to hesitate on!
The housing marketing has been booming since the start of the pandemic last year and is continuing to do so as we head into the spring market. Mortgage rates have been at historical lows and keep demonstrating that now is the perfect time for buyers to put offers in on their dream homes. It is important to lock-in a low rate now, as even the slightest rate increase may cost you more money over the lifetime of your loan.
In addition to historically low rates, home equity is continuing to rise and homeowners have gained an average of $17,000 in equity since last year according to CoreLogic. Home Equity is important to keep in mind as it can help you afford a bigger home or eliminate your debt by refinancing. Consult with your lender if you are interested in finding out how much equity you have earned. Now might be your time to make a move!
As home prices continue to appreciate, putting an offer on a home with a low interest rate should be a no brainer. According to Freddie Mac, professionals are forecasting home prices to move in an upward direction this year. By utilizing today’s low rates and taking advantage of prices before they rise, you are solidifying a great long-term investment.
As we continue to see all the benefits of purchasing a home, more homebuyers will likely be in the market to purchase a home. It is clear in today’s market that inventory is running low; it is a seller’s market and there is a ton of competition between buyers. If you end up finding the home of your dreams, don’t wait to put in an offer because it might not be available the next time you go to look at it!
With that being said, the housing market is very different than it has ever been before. Waiting to start your home buying journey may decrease your chances of saving money and living in the home of your dreams. Act now and get pre-approved so when you are ready to put in an offer, you have a better chance of it getting accepted. Contact one of our team members today to get started!