Homebuyer Activity Shows Signs of Warming Up for Spring
“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:
“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an increase in buyer demand – and as Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains, application activity started ramping up as mortgage rates fell steadily in March:
“Application activity increased as mortgage rates declined . . . recent increases, along with data from other sources showing an uptick in home sales, is a welcome development.”In fact, we can see how mortgage rates have a direct impact on applications over time. As rates rose dramatically last year, applications fell in response (see graph below):
“If homeowners are planning to sell in 2023, now is the time to get ready.”The means working with a local real estate agent to maximize your home’s appeal and get it listed at the ideal price for your area.
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Buying a home is a big decision, and it should be one you feel confident making.
Though the housing market is no longer experiencing the frenzy of a year ago, buyers are showing their interest in purchasing a home.
Today’s housing market is different than it was in 2008.
Over the past year, home prices have been a widely debated topic.
If you want to sell your house, consider doing it this summer.
Today, the market’s changing, and buyers can usually be more selective and take more time to explore their options.
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