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How Will the Housing Market Fare This Spring?

by Neil Castellane 04/09/2019

How Will the Housing Market Fare This Spring?

March 15, 2019

Real estate pros often anxiously await for the spring selling season, a time known for an uptick in home sales. But will spring be as hot for the housing market this year as it has been in the past?

 

Single-family house with greenery

© Perry Mastrovito/Image Source/Getty Images

 

Since the end of last year, home sales have slowed (a decline of 10 percent in December compared to a year prior), and properties have been sitting on the market for longer (46 days compared to 30 days a year ago).

Nevertheless, Lawrence Yun, chief economist at the National Association of REALTORS®, says that “multiple data show definitively improving conditions” heading into the spring selling and buying season.

Consumer sentiment about home buying is turning more upbeat, and there have been greater reports of foot traffic at open houses, according to recent NAR surveys. The number of openings of lock boxes—which real estate pros use to access a key prior to unlocking a home for a showing—is “measurably higher” in January and February compared to the second half of 2018, according to NAR SentriLock data.

Further, the number of consumers applying for a mortgage to purchase a home is on the rise. “After the weak conditions of late last year, mortgage applications have picked up notably in 2019 with more consumers evidently searching for a home compared to one year ago,” Yun writes in his latest real estate column at Forbes.com. Also, contract signings to purchase a home rose 4.6 percent in January—another healthy sign about the market Yun points to.

With mortgage rates staying low, Yun expects more home buyers and sellers this spring. So far this year, the 30-year fixed-rate mortgage has fallen to under a 4.5 percent average. That means a typical home buyer could save nearly $100 per month due to the drop. In addition, wages are up 3.4 percent year-over-year on average, the hightest rate in a decade, .

“The slump is over” in the housing market, Yun notes. “Better times are ahead for home buyers.”

 

Original Article:

https://magazine.realtor/daily-news/2019/03/15/how-will-the-housing-market-fare-this-spring

About the Author
Author

Neil Castellane

About Neil

I have been selling Real Estate in the Lowcountry for nearly 20 years. With sales of over $100 Million and hundreds of transactions under my belt, I have the knowledge, experience and proven track record to help you find a new home or sell your property. I am a member and former board member of the Hilton Head Area Association Realtors. I am also a member of community service based organizations including VanLandingham Rotary and have spent multiple years on the board, and am a founding member of the the local Civitan organization.  

About Larry

I have been working with buyers and sellers on Hilton Head for 30 years. I know the Island and the Lowcountry area and have been tuned into the dynamics and changes that have taken place here over these many years. I have specialized in new construction and ocean oriented property in the Lowcountry. However, I have represented clients in over a quarter of a billion dollars in sales all over Hilton Head Island and Bluffton and in all types of property.  I am a member of the Hilton Head Area Association of Realtors and a lifetime member of the Distinguished Sales Award.  My wife, Dawn, and I have 3 children - Jonathan, Stephen, and Abigail.  All of us enjoy being involved in the community, primarily through sports, school, and church. I came down here to sell real estate and have never looked back.  I can’t imagine a better place to live and raise a family.  I can help you with villas, golf-oriented properties, plantation homes, oceanfront or rental opportunities.  Call me today for any and all of your real estate needs in the Hilton Head Island, Bluffton and Lowcountry area or e-mail me at [email protected].

My Promise to you

Contact me today and get the representation you need to find property on Hilton Head Island and the surrounding Low Country. Get the facts: Rental quotes, costs and hidden fees, past sales, floor plans, current MLS and FSBO listings, even properties that are not currently listed for sale yet. I have the knowledge and experience to give you ONLY the BEST service and all at NO COST TO YOU!!! My record speaks for itself and my clients will tell you, ALL OF THEM!!! Desire...that sums up my persona in one word. The desire to accomplish goals in the work place, in the community, and in my personal life. Since moving to Hilton Head Island and working with the Wm F. Hilton Company, that concept is stronger than ever. A resident for nearly ten years, I have already established a foot hold in the community.