Warming weather means a warming real estate market, as spring and summer are conventionally the most popular times of year to buy. This spring, though, the market is especially great for buyers.
While pleasant temperatures can certainly make home shopping and moving easier, here are five more great reasons to get excited about buying a home this spring:
Interest Rates Are Phenomenal Right Now
Mortgage rates remain at historic lows, and, according to our latest Monthly Mortgage Roundup, it’s possible rates could see a moderate increase later in 2019. Now is an ideal time to take advantage of the market conditions and score a great interest rate on the mortgage for your dream home. Taking advantage of these low rates could translate to saving thousands over the life of your loan.
Sellers Are Offering Incentives
Sellers are currently willing to offer some special incentives to buyers. In all, 23 percent of sellers are offering some type of incentive, according to a new study from the National Association of REALTORS®. Paying for closing costs, providing warranty, and undertaking remodeling were some of the popular incentives being extended to buyers.
It’s A Great Time To Sell Your Starter Home
Now is the prime time to upgrade from a starter home to a luxury home. Currently, the largest share of home buyers (36 percent) are millennials, according to a new generational report from the National Association of REALTORS®, and they are in the market for starter homes. An overwhelming majority are looking for homes under $500,000. Also, now may be a great time to cash in on some of the equity you’ve been building as median sales prices are up 3.6 percent, according to a March report from the realtors association. Helping drive the increase? Lower mortgage rates and higher consumer confidence, as well as rising incomes.
You’ll Have A Lot of Inventory to Choose From
There’s no time like the present when it comes to the chances of finding your dream home. Warmer months mean more houses are on the market, so you’ll have a better chance of finding the perfect home and a neighborhood that’s the right fit for you. Nationally, listings have risen by 6 percent, with 73,000 more listings compared to this time last year, according to the March market report from the National Association of REALTORS®. Plus, if you’re buying a luxury home, the luxury market is a buyer’s market, according to the Institute for Luxury Home Marketing. One caveat: markets like Denver and San Francisco are among the most competitive in the country. To get a leg up over the competition, check out our homebuyer’s guide to navigating a cut-throat market.
You’ll Be In Your New Home By Summer
For families with children, shopping for a new home in the springtime can be ideal because making a move in the late spring or summer doesn’t disrupt children’s school schedules. Plus, moving into your new home by summer means you get to enjoy your neighborhood more, whether that’s taking advantage of the neighborhood pool, meeting your neighbors while out walking the dog, or attending a Fourth of July block party. Also, you’ll be able to enjoy summer evenings dining al fresco in your new backyard.
Ready to buy a home in 2019 and having financing questions? Eave is here to help! Set up a quick 15-minute consultation with one of our licensed loan experts today.