Everything grows in the spring, including flowers, baby animals and housing sales. Mortgage rates are close to a three-year low. This is improving consumers’ purchasing power. Many of these home buyers, unable to purchase a home in 2015, are jumping at the chance to take advantage of low rates.
However, the number of buyers is growing faster than the number of homes for sale. That means that listings are turning over quickly and houses are selling rapidly. In the beginning of April, homes were on the market for about two weeks less than in the first two weeks of March.
What does that mean for you as a seller? You’re likely to get the money that you want for your home if you list it now. What does that mean for you as a buyer? You might want to make some quick decisions, because the open house you went to on Saturday might be sold by Monday.
In some of the hottest markets across the United States, the median listing is up for fewer than two weeks. Some of those cities are Sunnyvale, CA, Fort Worth, TX, Louisville, KY, Cambridge, MA, and Henrico, VA.
The weather has something to do with the market; buyers are more likely to check out open houses during pleasant conditions. April started out a little cooler than average, and the next few weeks are predicted to be ideal when it comes to precipitation and temperature. No matter where you live, if you’re looking to buy or sell your home, this is a perfect time to do it.