Spring season is the time of the year when nature's most spectacular display germinates forth to a new life. And for many Americans, there's no better way to represent living a "new life" than having their own place they can call home.
The real estate market across the country bristled with reinvigorated sense of energy brought about by the coming season. They are taking advantage of the more aggressive spring home buyers this 2015. And, almost on cue, home sales for newly built house and re-sales have gone up recently, as reported by the Realtor.com.
The onset of this season of house hunting is teamed up with welcome reports of mortgage rates falling off, resulting to somewhat of a home buying frenzy. The Freddie Mac Survey revealed by Realtor.com showed that the 30-year fixed-rate mortgage rates this week are now at a 3.69% low, on the average. It was 3.78% just a week ago, and 4.4% at the same exact time last year, as was also reported here on RealtyToday.
The sale for existing-homes went up to 1.2% last month as told by the National Association of Realtors, while the sales of newly-built houses have exceeded economists' predictions at a 7.8% increase also in February according to CNBC.
Len Kiefer, the deputy chief economist at Freddie Mac, believes that this is a good time to snag a house bargain for the spring home buyers. "Low mortgage rates are a welcome sign for those in the market to buy a home this spring season and will help to support home buyer affordability," he said.
The spring housing market should make the most out of these low mortgage rates as it's more likely that this welcome housing affordability will not last as long as hoped for, the experts predict says the Realtor.com.
On the other hand, the market boom this season has not only attracted buyers but home sellers as well. These owners are also banking on the improving labor market in the country, according to U.S. News Money. The website also gives some tips on how to make one's home stand out from the rest on the market.
They recommend making a spring-cleaning of the home with the option of re-painting some corners of it. They also suggests considering a home inspection and to list the home at a reasonable price.
