Good news for the sellers, bad news for the buyers: prices of homes in the real estate market are expected to increase this spring. Should you start looking for a home as early as now or should you wait till summer to buy a new house?
Spring is just around the corner and while it is still snowing in some parts of the U.S., now may be the best time to start looking for a new home in the real estate market. According to Realtor.com, prices of homes in the market are expected to rise this spring.
"Given that prices are rising, more people will be pushed on the borderline of conventional mortgage limits and may need a large down payment or a jumbo mortgage," said chief economist for the National Association of Realtors, Lawrence Yun.
Yun stated that prices of homes in the market are rising because the number of buyers this spring is expected to outnumber the number of sellers. The law of demand and supply greatly dictates the market, which explains the reason for the increase in the prices.
The publication, therefore, stated that homebuyers should not wait till spring to start looking for a home in the market if they do not want to end up paying more than they should have.
"Every minute later you leave costs you 10 minutes. Every day, the audience looking for houses increases exponentially," advised Paul Anastos of the Mortgage Master in Walpole.
Anastos also suggested that homebuyers should get themselves preapproved in order to save a couple of days in the closing period.
As previously reported here on Realty Today, spring home buying is expected to begin early this year.
The month of February has already given the country warmer temperatures than in previous years, so interested homebuyers should begin scouting for a new house before more buyers flock the market in the coming weeks.
