Spring home buying is just around the corner, but there are already signs that this is going to be one of the craziest and busiest seasons for the real estate market. A new report shows that buyers continue to flock the market as mortgage rates continue to be at an all-time low.
Signs are pointing towards a busy and crazy spring buying season, reports Realtor.com. The economy has remained strong in March and 215,000 jobs were also created for those who are looking for employment. This has reportedly led to an increase in consumer confidence, which dipped in February.
Aside from these factors, the current mortgage rates remain at an all-time low. According to the publication, the average 30-year fixed conforming rate for March ended with almost 40 basis points lower than the end of 2015, which has resulted in an increase in buying power.
Taking all these factors together has reportedly increased the demand for houses in the real estate market. The publication notes that the number of consumers who have expressed their interest to buy a home is at its highest in eight years.
While this may be a good sign for the real estate market, especially for sellers, not everyone can see their plan materialize soon. The publication reports that there is still a shortage in the number of homes being sold in the market and houses are being sold more quickly than they did in the previous months.
As previously reported here on Realty Today, prices of homes being sold in the market are rising in response to the increase in the demand for more houses. This may push others into applying for jumbo loans or shelling out higher down payment in order to get the house that they want in this competitive market. It would, therefore, be better if buyers can start searching for a home as early as now.
