Like the weather, our nation’s real estate market is heating up. March real estate numbers show we will not have to wait for April showers to bring May flowers for this home buying season to be in full bloom.
Prices are continuing to climb as the inventory of homes, while steadily increasing, is not meeting the demand of home buyers. The national median listing price for a home during March was $238,000, an increase since February by 3%, and 8% since March last year. While it is normal to see an increase in home sales during spring, with demand growing faster than homes being built, homes are selling at a faster pace.
Returning to the market are homebuyers that tried last year to purchase a home but were either outbid or unable to find a home within their financial desires at the time. With home prices up, current homeowners are now in place where they can sell their current home and use the equity for a down payment to move up.
When the number of homebuyers increases this home buying season, along with the lowest amount of inventory in three years, homebuyers need to be ready to be competitive. As a buyer, make sure you are pre-approved and have all your documents and funds available for the loan process so you can act quickly when you find a new home.