Spring homebuying and selling season just kicked off. Are you ready?
CNN
What will you do with your Sundays now that the NFL season is about over? Maybe you’ll be hitting the open house circuit because, according to some real estate agents, Super Bowl weekend is the unofficial kick-off of peak home buying and selling season.
What will you do with your Sundays now that the NFL season is about over? Maybe you’ll be hitting the open house circuit because, according to some real estate agents, Super Bowl weekend is the unofficial kick-off of peak home buying and selling season. Even though it hardly feels like spring in many parts of the US, when home sales start ticking up in March and April, it’s a result of people starting to make their moves now. So if you’re planning to be in the market this year, here’s what to expect this spring — and how to be ready to pounce. Last year was the least affordable housing market since the 1980’s as mortgage rates spiked to 23-year highs at the end of October. Plus, a historically low inventory of homes kept prices near record highs, resulting in 1 million fewer homes sold last year than in 2022. But a slightly brighter season is dawning this spring. Rates are inching lower, and more homes are beginning to hit the market. Already homeowner optimism has improved, hitting its highest level since March 2022 in January, according to a Fannie Mae survey of home purchase sentiment. Mortgage rates are down from their highs of last fall and have been hovering around 6.6% since mid-December, reducing uncertainty and improving affordability for homebuyers. Plus, available home inventory increased slightly in January compared to a year ago, further helping home shoppers stymied by few homes coming to market.
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