Contact Motto Mortgage

Spring Home Buying Season 2019: What Buyers Can Expect

Greater inventory and stable mortgage rates could lead to fewer bidding wars and bide more time for buyers.

Blog Test

Spring has officially sprung, and peak home buying season is right around the corner! If the warming weather has you shopping for a house you’re not alone, as 65 percent of people believe that now is a good time to buy a home. Expect a unique spring home buying season, however, as national trends show a more balanced market with a larger housing inventory and stable mortgage rates.

According to RE/MAX’s February National Housing Report, inventory grew year-over-year by an average of 5.8%, “marking the fifth consecutive month of growth following a decade-long trend of shrinking inventory.”  These additional homes hitting the market means buyers will shop with a little more leisure this spring. Whether checking out the neighborhood or crafting the perfect offer letter, put those extra hours to good use. If you are willing to put in a bit of sweat and time equity, renovating a “fixer-upper" can often offer more house per square foot.

Mortgage rates trends are predicted to remain stable in 2019, providing even more incentive to buy. The average 30-year fixed mortgage rate was 4.28% last week, a 13-month low. Locking in a lower mortgage rate, even at fractions of a percentage point, could mean serious savings in the long run.  

Lower home prices, higher inventory and lower mortgage rates mean buyers can expect fewer bidding wars and a little more time to mull decisions over. Keep in mind, however, that it’s not a buyer’s market quite yet. You’ll still want expert help to find the perfect home and close as quickly as possible, especially in peak season.

Looking to finance a home this spring? Contact a local loan originator in the Motto Mortgage network who can help make your dream of homeownership a reality.