We are heading into the spring buying season. With the wind of February and March at our backs and pushing the market upwards, I am expecting strong sales in the months ahead. Pending sales are at the highest level since June of 2013 in the West and Midwest. The Northeast and South have experienced small declines.
Lawrence Yun, the National Association of Realtors (NAR) Chief Economist, says, “Pending sales are showing solid gains. A steadily improving labor market, mortgage rates hovering around 4% and the likelihood of more renters looking to buy, bode well for the prospect of an uptick in sales in the coming months.”
All good news except that inventory is low. First time home buyers are being particularly hit by the low availability of homes in lower price ranges. The demand is outweighing the supply in many markets, which is driving prices up.
Total existing-home sales in 2015 are forecast to increase by 6.4% from 2014. The national median existing-home price for all of this year is expected to increase around 5.6% according to the NAR. While buyer demand is high, it is a good time to sell. Of course, we may need to find your next purchase first. I’ll help you play the game to win.