What Are Experts Saying About the Spring Housing Market?

<article class="post-979210 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-979210"><span class="entry-date">March 21, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">What Are Experts Saying About the Spring Housing Market?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=What+Are+Experts+Saying+About+the+Spring+Housing+Market%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fwhat-are-experts-saying-about-the-spring-housing-market%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="What Are Experts Saying About the Spring Housing Market? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240321-What-Are-Experts-Saying-About-the-Spring-Housing-Market.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where <a href="https://www.simplifyingthemarket.com/2024/02/22/expert-home-price-forecasts-for-2024-revised-up/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">prices</a> and <a href="https://www.simplifyingthemarket.com/2024/03/12/what-mortgage-rate-do-you-need-to-move/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">mortgage rates</a> are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season.</p>
<p><a href="https://blog.firstam.com/reconomy-podcast/whats-the-outlook-for-the-2024-spring-home-buying-season" rel="noopener noreferrer" target="_blank"><strong>Odeta Kushi</strong></a><strong>, Deputy Chief Economist, <em>First American</em>:</strong></p>
<blockquote><p><em>“. . . </em><strong><em>it seems our general expectation for the spring is that we will see a pickup in inventory.</em></strong><em> In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”</em></p></blockquote>
<p><a href="https://www.nar.realtor/magazine/real-estate-news/home-sales-are-heating-up-ahead-of-spring-buying-season" rel="noopener noreferrer" target="_blank"><strong>Lisa Sturtevant</strong></a><strong>, Chief Economist, <em>Bright MLS</em>:</strong></p>
<blockquote><p><em>“</em><strong><em>There is still strong demand</em></strong><em>, as the large millennial population remains in the prime first-time homebuying range.”</em></p></blockquote>
<p><a href="https://www.realtor.com/news/trends/2024-spring-housing-market-predictions-home-buyers-sellers/" rel="noopener noreferrer" target="_blank"><strong>Danielle Hale</strong></a><strong>, Chief Economist, <em>Realtor.com</em>:</strong></p>
<blockquote><p><em>“Where we are right now is the best of both worlds. </em><strong><em>Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.</em></strong><em>”</em></p></blockquote>
<p><a href="https://www.housingwire.com/articles/shoppers-are-gearing-up-for-the-spring-homebuying-season-zillow/" rel="noopener noreferrer" target="_blank"><strong>Skylar Olsen</strong></a><strong>, Chief Economist, <em>Zillow:</em></strong></p>
<blockquote><p><em>“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses.</em><strong><em> 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.</em></strong><em>”</em></p></blockquote>
<p><a href="https://www.realtor.com/research/freddie-mac-mortgage-rates-march-7-2024/" rel="noopener noreferrer" target="_blank"><strong>Jiayi Xu</strong></a><strong>, Economist,</strong> <strong><em>Realtor.com</em>:</strong></p>
<blockquote><p><em>“While mortgage rates remain elevated, </em><strong><em>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</em></strong><em>. 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.”</em></p></blockquote>
<p><strong>If you’re </strong><a href="https://www.simplifyingthemarket.com/2024/03/06/why-access-is-so-important-when-selling-your-house/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><strong>looking to sell</strong></a>, this <a href="https://www.simplifyingthemarket.com/2024/02/19/its-time-to-prepare-your-house-for-a-spring-listing/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">spring</a> might be your <a href="https://www.simplifyingthemarket.com/2024/02/27/why-todays-housing-supply-is-a-sweet-spot-for-sellers/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">sweet spot</a> because there just aren’t many homes on the market. Sure, inventory is rising, but it’s nowhere near enough to meet today’s buyer demand. That’s why they’re still selling so quickly.</p>
<p><strong>If you’re </strong><a href="https://www.simplifyingthemarket.com/2024/03/13/your-home-is-a-powerful-investment/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank"><strong>looking to buy</strong></a>, the growing number of homes for sale this spring means you’ll have more choices than this time last year. But <a href="https://www.simplifyingthemarket.com/2024/03/04/what-to-know-about-credit-scores-before-buying-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">be prepared</a> to <a href="https://www.simplifyingthemarket.com/2024/03/01/the-first-step-getting-pre-approved-for-a-mortgage-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">move quickly</a> since there’ll be plenty of <a href="https://www.simplifyingthemarket.com/2024/03/18/4-tips-to-make-your-strongest-offer-on-a-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">competition</a> with other buyers.</p>
<h3>Bottom Line</h3>
<p>No matter what you’re planning, team up with a local <a href="https://www.simplifyingthemarket.com/2024/02/28/why-you-want-an-agents-advice-for-your-move/" rel="noopener noreferrer" target="_blank">real estate agent</a> to confidently navigate the busy <a href="https://www.simplifyingthemarket.com/2024/03/08/the-spring-market-is-a-sweet-spot-if-youre-looking-to-sell-infographic/" rel="noopener noreferrer" target="_blank">spring housing market</a>.</p>
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