spring housing market

Spring Housing Market

What’s going on in the Spring Market for first time home buyers?  Home price increases are slowing down and home prices are expected to rise only 2% in the next 12 months.

While inventory is growing, the bad news is the rising inventory is with higher priced luxury homes which have been slow to sell.  Inventory of lower priced homes- $250,000 and under is still slow to rise.  Many first-time home buyers have been priced out of the market.

There is some good news.  Interest rates have dipped and many buyers are getting out of the rental market and looking to buy.  The lower interest rates can make a difference in their buying power.

Interest rates are low, unemployment is low and there has been an increase in wage growth.   This is making many first-time home buyers take a chance at getting back into the buying market.  They may find that the market is less competitive than in the past.  There is still a trend to find the “perfect house” rather than one that is “good enough.”

Many lenders are trying to make it easier for buyers to become prequalified and be ready when the “perfect house” comes along.  With all the new technology, this makes it easier than ever for buyers.

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This blog was posted on April 25, 2019 on www.boldmovesrealestate.com