What is the current data saying about the housing market?
The latest housing market data from Altos Research showed that inventory continues to build week-over-week. Available home inventory was 8.8% higher last week than at the same time the previous year. This indicates that homebuyers will have more options this Spring, but available inventory is still far short of demand.
New contracts were up 2% last week when compared to the same time period last year. It’s good to see positive movement in the market, but this indicates that we’ve yet to move into a super-competitive environment yet.
When it comes to home prices, we’ve continued to see strength in this aspect of the market. The median home price of new listings in the U.S. are a few percentage prices higher, but this is a seasonal trend that’s expected to continue through the Spring. Strength in home prices also indicate that there are sufficient buyers to keep prices at or higher than the current levels.
How can homebuyers prepare for a thawing market?
What’s the best way to get ready for a thawing housing market? In an interview with Investopedia, Matt Garland, better known as MG the Mortgage Guy, revealed his top tips on how to get ready for a market that may be bit looser than year’s past.
The top tip for the upcoming housing market? First, he sees mortgage rates softening, but housing prices may still appreciate this year. His recommendation is for potential homebuyers to be aggressive in current market conditions if they can afford it. MG stated that he doesn’t see the current market as especially competitive, so if there’s a home you see on the market, and it makes financial sense, this may be a good time to buy.
MG also stressed the need for homebuyers to get educated on what goes into a mortgage rate and the differences between different options. Knowing why rates are higher or lower, or why some options are more affordable may help you find a mortgage that matches your financial goals.
Do you have a home in mind that’s on the market, and you’re ready to get moving? Apply for a mortgage pre-approval today, and let Guaranteed Rate help you find a home loan that meets your needs.
The Seattle area is starting to heat up
The Seattle Times recently reviewed the local housing market data, and the Emerald City is starting to see homes move a little quicker.
Single-family home sales in the Eastside and King County were both up when comparing January 2024 to January 2023. Also, condo sales were up in every part of the metro area, but home prices throughout Seattle were up year-over-year.
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