Around this time of year, most of us anxiously look for signs of spring—yellow daffodils, budding trees, and warmer temperatures—and we are delighted with the optimistic feeling each one brings to us.
So, too, do we keep our eyes and ears open for signs which indicate that this spring season will be a good time to buy or sell a home—and, like the flowers, they are out there. Read on for positive indicators.
Existing home sales shook off winter-related declines in February, and, as reported by the National Association of Realtors, sales increased 1.2% in February (up 4.7% from a year earlier). In addition, the share of sales for first-time buyers registered its first gain since last November. Supplies of existing homes for sale are also diminished, with the current inventory representing only a 4.6-month supply.
* According to Freddie Mac’s March 2015 Economic & Housing Market Outlook, 40% of all home sales for this year will happen over the next four months. The majority of homes sold in 2015 will be sold between now and June as the housing market begins the start of the spring home buying season. The agency expects that this year will be the best year for home sales since 2007.
* It appears that the word is finally getting out to consumers that home loan rates are close to 40-year lows. Money for home purchases right now is cheap, and housing prices are lower this year than they were last -- sometimes by 10 and 15 percent or more, depending on local market conditions.
* Mortgage credit availability increased in March according to the Mortgage Credit Availability Index (MCAI), increasing 2.3 percent in March. .A number of factors contributed to a loosening of credit last month, one being: Freddie Mac's introduction of their 97 LTV program (Fannie Mae's was implemented in December),
* Home buyers are more confident now then they have been in the past several years, according to TD Bank's third annual Mortgage Service Index. The survey of over 1,450 consumers showed 30 percent of Americans consider now to be a very good time to buy a home. That’s 10 percent higher than measured in 2014.
Just as nature’s signs of spring hold promise and optimism, so will the increasing number of real estate For Sale and Sold signs—by the Scislow Group, of course—you will soon be seeing in your neighborhood!