Some home shoppers are feeling hopeless this spring and making
competitive moves in order to get a home. They’re reportedly rushing to making offers without seeing homes first, bidding well above the asking price, or waiving inspections entirely to get sellers to find their offer the most alluring.
“For home buyers, this is shaping up to be one of the most difficult years in recent memory,” Record low supplies of homes for sale are driving up prices across the country.
As for sellers, they may find some big profits when they do sell. “It’s going to have the feel of a hot market” with multiple offers and bidding wars, says Lawrence Yun, the chief economist for the National Association of REALTORS®.
Still, Yun expects sales to be flat compared to a year ago due to the shortage of homes for sale as well as reduced affordability for many house hunters.
There was a 3.4-month supply of existing homes nationwide in February—the lowest on record for a February, NAR reports. The median home price, meanwhile, was up 5.9 percent from a year earlier to $241,700, according to NAR. Yet, average yearly income growth has held at about 2.5 percent.
Mortgage Rates Ease This Week, Borrowers found some relief for the second consecutive week with lower mortgage rates.
“After ping earlier this week on trade-related anxiety in financial markets, the 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week,” “Mortgage rates followed and fell for the second consecutive week. …Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor market is helping home purchase demand weather modestly higher rates.”
If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. The decision to buy or sell is a personal one that depends on your financial situation, future plans and lifestyle.
Source: NAR
“For home buyers, this is shaping up to be one of the most difficult years in recent memory,” Record low supplies of homes for sale are driving up prices across the country.
As for sellers, they may find some big profits when they do sell. “It’s going to have the feel of a hot market” with multiple offers and bidding wars, says Lawrence Yun, the chief economist for the National Association of REALTORS®.
Still, Yun expects sales to be flat compared to a year ago due to the shortage of homes for sale as well as reduced affordability for many house hunters.
There was a 3.4-month supply of existing homes nationwide in February—the lowest on record for a February, NAR reports. The median home price, meanwhile, was up 5.9 percent from a year earlier to $241,700, according to NAR. Yet, average yearly income growth has held at about 2.5 percent.
Mortgage Rates Ease This Week, Borrowers found some relief for the second consecutive week with lower mortgage rates.
“After ping earlier this week on trade-related anxiety in financial markets, the 10-year Treasury stabilized on Wednesday, but at a level slightly lower than from the start of last week,” “Mortgage rates followed and fell for the second consecutive week. …Though rates on the 30-year fixed mortgage are up 0.3 percentage points from the same week a year ago, a robust labor market is helping home purchase demand weather modestly higher rates.”
If you’re interested on a wealth of information to help you get started visit Precision Realty & Assoc. LLC or if you prefer a more personal touch, reach out to a us, CALL 801-809-9866 today. The decision to buy or sell is a personal one that depends on your financial situation, future plans and lifestyle.
Source: NAR
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