According to the National Association of Realtors, the sales of existing homes this spring is going gangbusters as existing home sales in March rose 6.1%, the largest increase since December 2010. Now may be the perfect time to find the home you are looking for – and who knows, your dream home could be going up on the market right now!
Here are 4 reasons why right now is the time to jump on the opportunity to purchase a home:
- Freddie Mac indicated that 40% of all homes sales are expected to occur between now and June. They also predict this to be the best year for home sales since 2007! With the housing market expected to be hot over the next few months, there could be a larger variety of homes for sale to choose from.
- According to Freddie Mac, average fixed mortgage rates dipped slightly this week and remained near their 2015 low.
- A March CoreLogic report also showed that January home prices rose nearly 6 percent from a year ago. In 2013, investors were blamed for pushing prices upward, but it has been suggested that prices are rising again due simply to a lack of inventory in markets large and small across the nation. This news could result in a very competitive housing season for homebuyers.
- Freddie Mac is also expecting 2015 to be the best year for home sales and new construction since 2007, according to its March 2015 U.S. Economic and Housing Market Outlook. Freddie Mac cited an improving job market, rising rents, and expanded credit availability as some reasons for its positive outlook.
The Bottom Line
Low rates and new home inventory make for an exciting housing season. If you have any questions regarding housing or know of friends, family, or colleagues who wish to discuss buying or refinancing a home, please contact me today.
The material contained in this newsletter is provided by a third party to real estate, financial services and other professionals only for their use and the use of their clients. This material is provided for information and educational purposes only. Although the material is deemed to be accurate and reliable, we do not make any representations as to its accuracy or completeness and as a result there is no guarantee it is without errors. 068i0000001ua98