If you are gearing up for a move soon, you’re likely curious about the availability of homes, the trajectory of prices and mortgage rates, and how to navigate the current market landscape. Here is a roundup of insights from industry experts on what to expect this season:

Odeta Kushi, Deputy Chief Economist at First American, notes, “It seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”

Lisa Sturtevant, Chief Economist at Bright MLS, emphasizes, “There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.”

Danielle Hale, Chief Economist at Realtor.com, highlights, “Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.”

Skylar Olsen, Chief Economist at Zillow, observes, “There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”

Jiayi Xu, Economist at Realtor.com, adds, “While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”

For Sellers:

This spring presents an opportune moment to sell, given the limited inventory currently available. While there’s a gradual increase in listings, it’s still insufficient to meet the robust demand from buyers, contributing to swift sales.

For Buyers:

The expanding inventory of homes for sale this spring offers you a broader selection compared to last year. However, expect stiff competition with other buyers and be prepared to act swiftly to secure your desired property.

Bottom Line:

Whether you are planning to buy or sell, partnering with Scott and the Smolen Team ensures you navigate the bustling spring housing market with confidence.