With the peak buying and selling season virtually upon us, now would be an opportune time to review what chief economists and data solution providers are saying about where the current real estate market is headed:
Doug Duncan, Fannie Mae Chief Economist
“Positive demographic factors should continue to reshape the housing market, as rising employment and incomes appear to be positively influencing millennial homeownership rates.”
Lawrence Yun, NAR Chief Economist
“The early returns so far this spring buying season look very promising as a rising number of households dipped their toes into the market and were successfully able to close on a home last month. Although finding available properties to buy continues to be a strenuous task for many buyers, there was enough of a monthly increase in listings…for sales to muster a strong gain. Sales will go up as long as inventory does.”
Mark Fleming, First American Chief Economist
“Despite higher mortgage rates, the potential for home sales increased on an annual basis driven by steady income and job growth, along with a surge in building permits. While it may be a little late for this spring, the increase in building permits is a welcome sign that some relief may be in sight for the inventory shortages that are holding back many markets from realizing their full potential this spring.”
Daren Blomquist, Senior VP at Attom Data Solutions
“I am guessing we will see it get even better… If you are considering moving, it could be a really good time to sell.”
Diana Olick, CNBC
“Even as more homes come on the market for this traditionally popular sales season, they’re flying off fast, with bidding wars par for the course. Home prices have now surpassed their last peak, and at the entry level, where demand is highest, sellers are firmly in the driver’s seat.”
The Takeaway:
Sellers: If you have been debating whether or not to list your house for sale, call or text me at 727.755.3434. I would be glad to chat with you about creating a personalized “make-ready for market list”, so that you can capitalize on the current Buyer Demand in today’s market.
Buyers: If you have been considering a home purchase, buying now vs. waiting will undoubtedly save you thousands of dollars. Now is definitely the time to buy!! If you have been debating whether or not to purchase your 1st home or investment property, call or text me at 727.755.3434 and I would be glad to discuss the many reasons why you should make the move!!
** Please note that data and statistics quoted above are based on a national level. Always consult a competent real estate practitioner familiar with your local market, as real estate is geographically influenced **
