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 position right now.
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 don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement. A pick up in activity with inventory still low does bode well for home prices.”
Rick Sharga, Founder and CEO, CJ Patrick Company:
“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year.”
Jeff Tucker, Senior Economist, Zillow:
“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”
The spring housing market in metro Detroit is expected to be strong, with low inventory and rising prices. According to the Detroit Regional Real Estate Board, the median home price in metro Detroit was $229,450 in March 2023, up 5.7% from a month earlier. The number of homes for sale was down 14% year-over-year.
There are a number of factors driving the strong spring housing market in metro Detroit. One factor is the low inventory of homes for sale. The Detroit Regional Real Estate Board reports that there are only 1.2 months of inventory on the market, which is well below the 6-month inventory level that is considered a balanced market.
Another factor driving the strong spring housing market is the rising interest rates. The Federal Reserve has raised interest rates several times in recent months, and this is making it more expensive to borrow money to buy a home. However, the rising interest rates are not deterring buyers in metro Detroit. In fact, many buyers are still willing to pay a premium for a home in a desirable location.
The strong spring housing market in metro Detroit is expected to continue throughout the summer. If you are thinking about buying a home in metro Detroit, it is important to act quickly. Homes are selling quickly and there is limited inventory.
If you’re thinking about selling your house, this spring’s a great time to do so while inventory is still so low. And if you’re in a good position to buy, lean on your team of expert advisors for the best advice. Whatever your plans, let’s connect to make sure you’re able to navigate the spring housing market with confidence.
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