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What Are the Experts Saying About the Spring Housing Market?

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your current position.

Here’s what industry experts are saying right now about the spring housing market and what it means for you:

Selma Hepp, Chief Economist, CoreLogic:

“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”

Greg McBride, Chief Financial Analyst, Bankrate:

“I…

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Homebuyer Activity Shows Signs of Warming Up for Spring

The spring season is warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that's a good sign for sellers. Realtor.Com has the latest:  "Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued than a year ago."

We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:  "A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate."

That means the number of mortgage applications shows how many buyers are applying. Put another way, an increase in mortgage…

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The Big Advantage If You Sell This Spring

Are you thinking about selling your house? If you've been waiting for the right time, it could be now while the supply of homes for sale is so low. Housingwire shares:
". . . The big question is whether we are finally starting to see the seasonal spring increase in inventory. Unfortunately, the answer is no, because active listings fell to a new low last week for 2023 ."

The National Association of Realtors (NAR) confirms today's housing inventory is low by looking at the months' supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers' market. And today, the number is much lower:
"Total housing inventory registered at the end of February was 980,000 units, identical to January and up…

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Why Aren’t Home Prices Crashing?

There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people's home-buying ability. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.

Even though we're no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, chief economist at the National Association of Realtors (NAR), doesn't expect that to change:
"[H]ome prices will be steady in most parts of the country with a minor change in the national median home price."

You might think sellers would have to lower prices to…

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We’re in a Sellers’ Market. What Does That Mean?

Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today's low supply of homes for sale is still a sellers' market. But what does that mean? And why are conditions today so good if you want to list your house?

It starts with the number of homes available for sale. The latest existing home sales report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a 'normal' or 'neutral' market in which there are enough homes available for active buyers (see graph below):

What does this mean for you?

When the supply of homes for sale is as low…

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4 Key Tips for Selling Your House This Spring

Spring has arrived, which means more people are getting their homes ready to sell. But with recent shifts in real estate, this year's spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips:

1. Make sure you give buyers access
One of the biggest things you can improve as a seller is limiting the days and times when buyers can view your home. In any market, if you want to maximize the sale of your house, you can't limit potential buyers' access to view it. If it's not accessible, it could cost you by sitting on the market longer and ultimately selling for a lower price.

2. Make your home look as good as…

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Get Ready: The Best Time To List Your House Is Almost Here

If you're considering selling this spring, it's time to get moving – the best week to list your house is fast approaching.
Experts at realtor.com looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:

"Home sellers on the fence waiting for that perfect moment to sell should start preparations because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 plans to have the ideal balance of housing market conditions that favor home sellers more than any other week in the year."
If you've been waiting for the best time to sell, this is your chance. But remember, before you put your house on the…

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Have You Thought About Why You Might Want To Sell Your House? [INFOGRAPHIC]

Some Highlights

• People want to cash in on they equity they earned and downsize
• Homes needs have changed recently
• Connect with The Aaronson Group to get your house ready to sell this season. Call 949-388-5194 or email info@previewochomes.com

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What’s Ahead for Home Prices in 2023

Over the past year, home prices have been a widely debated topic. Some have said we'll see a massive drop in prices and that this could be a repeat of 2008 – which hasn't happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts continue to forecast what they believe will happen with home prices this year and beyond.

Selma Hepp, a Chief Economist at CoreLogic, says:
"While 2023 kicked off on a more optimistic note for the U.S. Housing market, recent mortgage rate volatility highlights how much uncertainty remains. Nevertheless, the continued shortage of for-sale homes will likely keep price declines…

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Here’s Why the Housing Market Isn’t Going To Crash [INFOGRAPHIC]

Some Highlights

• Today's buyers are more qualified
• The number of foreclosures has decreased
• The housing supply is low, therefore this an important factor to keep the housing market from crashing
• Homeowners have built up a huge amount of equity and this puts homeowners in a good position.
• Connect with The Aaronson Group for advice on what you may want to do to get your house ready to sell this season. Call 949-388-5194 or email info@previewochomes.com

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