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.