The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.
Here’s what industry experts are saying right now about the spring housing market and what it means for you:
SelmaHepp,ChiefEconomist,CoreLogic:
“We see more competition among buyers . . . Housing supply also tends to grow during the spring months And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”
GregMcBride,ChiefFinancialAnalyst,Bankrate:
“I don’t expect big moves in prices in the span of a month, but like the flower buds of spring, the housing market is showing signs of improvement A pick up in activity with inventory still low does bode well for home prices ”
RickSharga,FounderandCEO,CJPatrickCompany:
“If you can find a home you love and can afford at today’s prices, don’t wait. Home prices in most of the country are unlikely to crash, and mortgage rates will only come down very gradually if they decline at all this year ”
If you’re thinking about selling your house, this spring’s a great time to do so while inventory is still so low. And if you’re in a good position to buy, lean on your team of expert advisors for the best advice
JeffTucker,SeniorEconomist,Zillow:
“The market is still much friendlier this spring for buyers who can overcome affordability hurdles, but buyers are going to see more competition than they might expect because there are not many homes on the market to go around. New listings are increasing, which they almost always do this time of year, but not nearly as quickly as usual.”
HannahJones,EconomicResearchAnalyst, Realtor.com
“Home sales are likely to rebound seasonally, but the adjusted sales pace is expected to remain low as uncertainty and high costs limit transactions. I expect continued downward pressure on home prices.”
JacobChannel,SeniorEconomistatLendingTree
“April will bring us one step closer to the summer homebuying season and depending on what happens with things like inflation and the nation’s banking system, the housing market might show a pickup in activity,”
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At the America at Home Study last October architects' had a first post-pandemic look at people’s behaviors and attitudes about home and community Shifting attitudes and declining satisfaction with various elements of personal well-being will impact home design going forward.
We feel less well than in 2020, and it’s more important than ever.
Wellness features in the home are more than “nice to haves ” Every one of the top five ranked features consumers say are missing in their current homes and that they are willing to pay for in their next homes are related to wellness.
No. 1. A better equipped kitchen for cooking
A kitchen that supports easy, healthy eating and can flex for family time, social connection, and entertaining, not just a “show kitchen” but one that works, is exceptionally important The kitchen is even more important to boomers than other generations, especially kitchens that work best for cooking and a whole lot more
No. 2. Greater technology/energy
65% said “a home that conserves energy” is very important to their personal wellness, and 54% said “a home that conserves water.” The long-term operating costs of the home are as important as the initial purchase price and supports overall financial well-being as well
No. 3. Home gym/fitness space
44% of respondents said “exercising at home” is a pandemic-inspired routine they expect to keep A home gym doesn’t need to take over a secondary bedroom Supporting fitness in the home is about using square footage where it counts, in purposebuilt spaces that can be small but have access to natural light, include flexible storage for weights, mats, and maybe even has some soundproofing so as not to disrupt others.
No. 4. Expanded/better storage
Designing spaces and solutions that help people reduce clutter and offer ample storage for online shopping supports stress reduction and overall mental well-being This is critical for Millennial buyers who are both time and space-stressed and struggle more than others with mental and emotional well-being
No. 5. Wellness spa/bath
A wellness spa/bath was a key purchase motivator for single buyers of all ages, especially both millennials and younger boomers. Comfort, decompression, personal time, and mindfulness are key to wellness physical and mental and more important than ever
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