The past few years in the US, real estate markets have been marked by historically low inventory, increasing prices, and fierce competition for property—which has made it extremely challenging for potential buyers to successfully find and purchase homes.
But it looks like that’s starting to change. This spring, the housing market in the US is projected to be much more buyer-friendly than it has been in recent years.
In a recent article for Forbes, Lawrence Yun, chief economist at the National Association of REALTORS™, said that the spring season will mark improving conditions for buyers. Yun cites numerous factors for his optimistic spring market projections including improved consumer sentiment about the economy (which is at a near all-time high), falling mortgage rates, and increasing incomes across the country, which will help with housing affordability (according to the article, the recent wage gain of 3.4% is the highest the US has seen in ten years).
The Takeaway
If you’ve been thinking about purchasing a home, this spring is a great time to make a move. As Yun puts it, “The slump is over. Better times are ahead for homebuyers.”
