Spring has officially sprung, which means spring homebuying season is upon us. While it's not unexpected to see an uptick in mortgage applications and home sales, this year's spring homebuying season is predicted to be even more competitive than years past.
According to the National Association of REALTORS®, total housing inventory rose 4.6% to 1.59 million existing homes available for sale in February, but that's still 8.1% lower than a year ago. Combined with a decline in the construction of new homes, there's a lack of supply across the U.S., which pushes house prices up. And while mortgage rates are still historically low, they have been generally climbing since the start of the year.
What does this mean for homebuyers? It's more important than ever to be prepared. Here are three ways you can get a head start on the competition this spring homebuying season:
For more information on the homebuying process, visit My Home by Freddie Mac® and be sure to follow our Spring Homebuying blog Series, which will launch next week.
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