\n<\/div><\/div>\n<\/div>\n<\/div>\n

The uptick in interest rates increased buyer activism heading into the spring buying season, which probably won\u2019t be a \u201cseason\u201d since the market never slowed in 2020.<\/span><\/span><\/p>\n<\/div>\n

NEW YORK \u2013 The spring homebuying market is typically marked by higher sales and a greater number of house hunters, but many real estate professionals feel a spring-like market has been in full swing since the pandemic began a year ago.<\/span><\/span><\/p>\n

\u201cThere will be no spring homebuying season in 2021, as we\u2019ve been in it the entire time,\u201d says Bob Bradley, a real estate professional in Orange, Calif. \u201cMajor markets haven\u2019t had the chance to experience the winter decline in sales typically seen pre-pandemic. With interest rates starting to rise, buyers continue to scramble and compete with over-asking offers on single-family homes.\u201d<\/span><\/span><\/p>\n

Recent rises in mortgage rates don\u2019t seem to be deterring would-be buyers either.<\/span><\/span><\/p>\n

\u201cPeople are making a mad dash to try and take advantage of what are historically low interest rates,\u201d Jeremy Sopko, CEO of Nations Lending based in Independence, Ohio, told Bankrate.com. \u201cAnd as rates have ticked up over the last couple of weeks, this has only fueled the fire. Second, you\u2019ve got a pandemic-induced population shift. It\u2019s no longer necessary for millions of people to live in or near large cities. No longer tied down to small apartments with high rents, they are free to explore elsewhere.\u201d<\/span><\/span><\/p>\n

Here\u2019s where the housing market is starting from for this spring season:<\/span><\/span><\/p>\n

Inventory of homes for sale dropped in February by nearly 49% year-to-year.<\/span><\/span><\/li>\n
February\u2019s median listing price increased to $353,000, up about 14% year-to-year.<\/span><\/span><\/li>\n
Mortgage applications for new home purchases increased 19% in January 2021 compared to a year earlier.<\/span><\/span><\/li>\n
71% of homes sold in January were on the market for less than a month.<\/span><\/span><\/li>\n<\/ul>\n
\u201cThe days on the market have been very swift throughout the winter, with no let-up,\u201d says Lawrence Yun, chief economist of the National Association of Realtors\u00ae. \u201cThough more inventory will show up in the spring months \u2013 around 20% above winter level \u2013 new sets of buyers will also emerge. Therefore, it will still feel like an overheated market with too many buyers chasing after too few homes.\u201d<\/span><\/span><\/p>\n
Source: \u201cCOVID Spurs Early Start to Spring Homebuying Season: \u2018A Mad Dash,\u2019\u201d Bankrate.com (March 11, 2021)<\/span><\/span><\/p>\n
\u00a9 Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688<\/span><\/span><\/p>\n<\/div><\/div>\n
Go to Source<\/a>
\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
The uptick in interest rates increased buyer activism heading into the spring buying season, which probably won\u2019t be a \u201cseason\u201d since the market never slowed in 2020. NEW YORK \u2013 The spring homebuying market is typically marked by higher sales and a greater number of house hunters, but many real estate professionals feel a spring-like market has been in full swing since the pandemic began a year ago. \u201cThere will be no spring homebuying season in 2021, as we\u2019ve been in it the entire time,\u201d says Bob Bradley, a real estate professional in Orange, Calif. \u201cMajor markets haven\u2019t had the chance to experience the winter decline in sales typically seen pre-pandemic. With interest rates starting to rise, buyers continue to scramble and compete with over-asking offers on single-family homes.\u201d Recent rises in mortgage rates don\u2019t seem to be deterring would-be buyers either. \u201cPeople are making a mad dash to try and take advantage of what are historically low interest rates,\u201d Jeremy Sopko, CEO of Nations Lending based in Independence, Ohio, told Bankrate.com. \u201cAnd as rates have ticked up over the last couple of weeks, this has only fueled the fire. Second, you\u2019ve got a pandemic-induced population shift. It\u2019s no longer necessary for millions of people to live in or near large cities. No longer tied down to small apartments with high rents, they are free to explore elsewhere.\u201d Here\u2019s where the housing market is starting from for this spring season: Inventory of homes for sale dropped in February by nearly 49% year-to-year. February\u2019s median listing price increased to $353,000, up about 14% year-to-year. Mortgage applications for new home purchases increased 19% in January 2021 compared to a year earlier. 71% of homes sold in January were on the market for less than a month. \u201cThe days on the market have been very swift throughout the winter, with no let-up,\u201d says Lawrence Yun, chief economist of the National Association of Realtors\u00ae. \u201cThough more inventory will show up in the spring months \u2013 around 20% above winter level \u2013 new sets of buyers will also emerge. Therefore, it will still feel like an overheated market with too many buyers chasing after too few homes.\u201d Source: \u201cCOVID Spurs Early Start to Spring Homebuying Season: \u2018A Mad Dash,\u2019\u201d Bankrate.com (March 11, 2021) \u00a9 Copyright 2021 INFORMATION INC., Bethesda, MD (301) 215-4688 Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":4882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/4881"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=4881"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/4881\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/4882"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=4881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=4881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=4881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}