The weather is finally beginning to feel like Spring! The next couple weeks in real estate news will bring reports on March’s new- and existing-home sales. Here is a glimpse of the real estate market looks like this Spring.

Mortgage rates are now lower than they ended in March. That means that rates are not only near the lows for the year to date, they are also close to the lowest rates in three years. These lower rates translate into increased buying power and/or improved ability to qualify for a mortgage.

Home buyers – many frustrated by their inability to buy last year – are acting with a real sense of urgency. The Mortgage Bankers Association reported that applications increased 10% this week. Averaging out the mortgage activity over the past four weeks, purchase applications are up 20% compared with last year.

Because the number of would-be home buyers is growing faster than the inventory, the time listings spend on the market is dropping substantially. At a national level, the median days on market fell 14 days in the first two weeks of April relative to the first two weeks of March. If you are looking to buy in the hottest ZIPs in the hottest markets, there is a good chance that a listing you may view on Friday might be under contract before Monday.

Looking ahead, great weather will likely draw even more people to look at open houses and available homes over the rest of the month. According to Cleveland Research, after a cooler than normal start to April, the weather forecast for the next 10 days is expected to be “near perfect” across many of the largest housing markets in the country, especially in the central and eastern U.S.

Their report shows that most major markets will be warmer than normal for April, but not too hot. The one negative could be slightly more showers than last year. So pack an umbrella.

But who cares about a national or regional weather or housing forecast? What matters most are the trends and conditions in your neighborhood.

If you are hoping to buy a home this spring or summer call us today. If you are hoping to sell your home this Spring and Summer, click here to find out what your home is worth for free.  We look forward to enjoying the sunshine and helping you find your dream home!

 

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James Silver

Associate Broker | Team Leader

248.530.7292 | JamesSilver@KW.com

www.JamesSilverTeam.com