On your mark, get set, sell those homes! Spring is here and so is the beginning of the home buying season. During the months of April through July, the home building industry sees the most number of home sales. The combination of warmer weather and kids out of school during vacation, home buyers are on the prowl for their new home. Not to mention most homes buyers do not want to move their kids from one school district to another and wait till the school year is at a close to uproot.
As we enter the optimal time for house hunting, we can expect home prices to rise and in most cases to their highest in the year. To counter act the higher prices, mortgage rates are doing their part to kick start the home buying season. The 30-year fixed mortgage rate fell to 4.34% after a two week increase.
Home builders may be feeling more confident this season as we see inventory of homes on the market increase by 10% year-over-year. High demands for new homes are on a rise and a sellers’ market is becoming evident with a drop of 114 days the average home is on the market and an increase in median home price. California is seeing the biggest inventory rise with twice as many homes for sale than this time last year. Here is to hoping we all have a great home buying season this spring!
Make sure your new homes are found this home buying season, add your communities today!.