Four current housing market factors that will likely translate into greater sales this April:
1. Low mortgage rates: Mortgage rates have moved lower this month and are hovering near the lowest averages in the past three years. Lower mortgage rates help boost home buyers’ purchasing power as well as buyers’ ability to qualify for a mortgage.
2. More urgency: Many buyers were frustrated last year with their inability to buy. This spring, they’re heading to the housing market more determined. Loan applications for purchases are up 20 percent.
3. More searching: Realtor.com® reports a record number of people searching and looking at its website for homes. Nevertheless, there are 2 percent fewer homes for sale that they’ll find when compared to last year.
4. Faster sales: The time that listings spend on the market has dropped dramatically. Nationwide, the median days on the market dropped 14 days in the first two weeks of April compared to the first two weeks of March.
Source: “Mid-April Forecast: Warm Weather Will Bring Out Home Buyers,” realtor.com® (April 15, 2016)