Spring Housing Market: Expert Predictions

If you're contemplating a move in the near future, you're probably curious about the availability of homes, the direction of prices and mortgage rates, and the best strategies for maneuvering through the current market landscape. Here’s a comprehensive outlook from industry experts on what to anticipate this upcoming season.

Odeta Kushi, the Deputy Chief Economist at First American, shares an optimistic view for the spring market, noting an uptick in housing inventory that has begun to manifest. However, she cautions that this increase may not fully satisfy the robust demand.

Echoing this sentiment, Lisa Sturtevant, Chief Economist at Bright MLS, highlights the enduring demand driven by the significant millennial cohort, who are currently in their prime homebuying years.

From the perspective of Danielle Hale, Chief Economist at Realtor.com, the market presents a balanced advantage for both buyers and sellers. With price growth moderating, buyers find the conditions favorable, while sellers benefit from still-appreciable property values.

Skylar Olsen, Chief Economist at Zillow, observes a slight increase in the number of homes on the market compared to last year, alongside continued strong competition for well-positioned properties. Olsen advises buyers to optimize their credit scores and sellers to enhance their homes’ appeal, as attractive properties are quickly moving off the market, often in less than a month.

Jiayi Xu, an Economist at Realtor.com, points out that despite high mortgage rates, the spring market may offer more budget-friendly options than the previous year. This is particularly true for homes priced between $200,000 and $350,000, where inventory has grown significantly.

For those considering selling, this spring presents an opportune moment, given the relative scarcity of listings which, despite a growing inventory, remains insufficient to quell the demand. This imbalance ensures properties continue to sell swiftly.

Buyers can look forward to a broader selection of homes this spring compared to last year, but should brace for intense competition from other prospective buyers.

In summary, regardless of whether you aim to buy or sell, partnering with a seasoned local real estate agent is crucial for effectively navigating the dynamic and competitive spring housing market.