Are you in limbo with home shopping? According to this article from CNBC, you better act sooner rather than later. Reports are out of more inventory hitting the market, meaning buyers finally making the decision to purchase a home.
It’s been a decade since the spring market has been booming! The economy and market are on the rise which is a great sign for home-buyers. Homes that are for sale are being sold fast! At least according to Redfin.
“The typical home that sold last month went under contract in 60 days, eight days faster than one year ago, according to a new report from Redfin, a real estate brokerage. Nearly 15 percent of all homes listed for sale in February were off the market within two weeks, up from 11.7 percent last year. This is the fastest February market Redfin has recorded since it began tracking in 2010.”
According to Redfin, the median sale prices are rising because of how fast the homes are selling and how competitive it is. According to the Federal Reserve, home equity hit a peak at the end of last year, which means homeowners are receiving a lot of equity. Although, there is a push for higher priced homes it is still considered a good time to purchase a home.
There is a silver lining according to Nela Richardson, Redfin’s chief economist,
Rising prices and increased equity may tip the scales for homeowners who have been delaying their decision to move up, which could add much-needed starter-home inventory to the market.
Home prices and mortgage rates can be a bit of a constraint for potential home-buyers, and renter households especially, even with a job prospects and growth in wages. Lawrence Yun, chief economist explains that,
Unless there’s a significant boost in supply levels this spring, these constraints will, unfortunately, slow or delay some prospective buyers’ pursuit of purchasing a home.
What are your plans this spring and summer? Will more inventory on the market make it more attractive to finally buy? Be sure to ask yourself these questions to make sure you are ready to buy. Even if you are not ready to “home shop”, it doesn’t hurt to start getting finances in order and learn more about getting pre-approved to buy (agents won’t show you a home unless you are pre-approved).
Don’t think you can get approved? Don’t worry, we have in house specialist who would love to explain the process and offer real tips and methods to get you started down the right path.
Read the entire article here.
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