April 02, 2019

Spring Break or Spring Homebuying?

The data is in and spring is officially the most delightful season – it's warmer, there's more day light, flowers are popping up… and so are "for sale" signs.

Spring is traditionally the busiest season for homebuyers – which is why it's known as "Spring Homebuying Season" for those in the market. In fact, 40% of annual home sales happen during the four-month period from the start of spring to summer, according to the National Association of Realtors®.

This spring homebuying season we're taking you on a roadtrip. If you're going to spend your spring break planning your home purchase, we want to join you on the journey. More than 2 million people are expected to buy a home this spring, so we encourage you to map out a plan. Here's what we know so far:

  • The median home price is currently $249,500, which is up 3.6% from last year.
  • Mortgage rates have been trending down in recent weeks and as of March 28, 2019, the 30-year fixed-rate mortgage averaged 4.06%.
  • There is 3.5 months of inventory on the market, which means supply is low considering that six months of inventory is considered a "balanced market."

What does this mean for you? Competition is high, rates are historically low and generally the market is holding steady. Now it's time to start planning. Over the next several weeks we will cover everything from need-to-know homebuying terms to different types of mortgages and down payments.

Just like when you pass mile markers on your road trip, the same applies for homebuying – and we'll be with you on each stop along the way, so be sure to follow our spring homebuying blog series.

First Stop...