What’s Happening in the Market?
Spring has officially sprung and with the turn of the seasons, the housing market is on the minds of many. The market has changed a lot since the beginning of the year so here’s what is in store in these coming months.
Low Rates – Rates are still hovering at low levels but are expected to start rising. Should you panic? Absolutely not. Although rates will begin to creep up, they will still remain low. This hike in rates will support the growth and increasing stability of the market overall. But if you’re looking to get a loan before the hikes continue throughout the warmer months, begin your home search now by talking to a professional.
Low Inventory – Inventory is expected to remain low. For sellers, this is great news, as you will likely receive multiple offers on your home since competition will be tight. This tighter competition means tougher conditions for the buyer. But going into the process prepared could mean success for your homebuying goals.
Buying is Cheaper – In the majority of the nation, buying a home is still cheaper than renting. Save up for a down payment and closing costs to give you the chance to jump in the market and stop paying your landlord’s mortgage.
More exciting times are sure to crop up as we inch our way closer to a hot housing season this year. Talk to a mortgage professional today to learn more about reaching success in the market and becoming a homeowner.