Spring is right around the corner, and with it comes the bustling season of home buying and selling. The housing market is already showing signs of rebounding, with a significant increase in new listings from a year ago. For both buyers and sellers, spring is deemed an ideal time to make a move in the real estate market.
In a recent analysis by Zillow, homes listed in the first two weeks of June sold for 2.3% more, making it a profitable time for sellers to wait until the summer months before putting their property on the market. Despite the potential benefits of waiting until June, the real estate market has seen a shift in behavior over the past few years.
According to experts, the typical spring home shopping season has been transformed by various factors, such as the Covid-19 pandemic and fluctuating mortgage rates. This shift has led to a more year-round approach to real estate, as opposed to the traditional spring selling season.
Looking ahead, experts anticipate a surge in buyer demand in the summer months, fueled by potential rate cuts from the Federal Reserve. This could lead to increased competition and potentially higher home prices for buyers. Despite the elevated prices in the current market, it may still be a smart move for buyers to purchase now and refinance later before rates start to come down.
Overall, the upcoming spring and summer seasons promise to be busy periods for the real estate market, with opportunities for both buyers and sellers to make a move and capitalize on the evolving market conditions.
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