6 Things to Know About Buying This Spring

Things are starting to warm up around here, finally. It seems we've been in an endless winter and I was wondering if we were just going to skip spring and go right into summer, but with spring comes the influx of homebuyers and sellers. If You're Planning to Buy a Home This Spring Here Are Some Important Things to Know.

The price of starter homes is going up the most.

If you're looking for a starter home or your first-time buyer, high demand and plenty of competition are raising starter home prices at nearly 10% more this spring than last year. Trade up homes are also more expensive to the tune of 5% to 7% more than last year. If you're looking for a starter home, concealed or older or smaller options as many of the newer homes have a starting price well over most first-time homebuyers budgets.

Affordability is on the rise.

Rising prices also mean that affordability is going up, which kind of balances things out. According to historical housing costs, home prices today are actually more affordable than they were in past decades, especially considering interest rates. With interest rates still historically low, the same home today is much more affordable than it was 20 years ago.

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