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 the top local and national industry experts are saying right now about the spring housing market and what it means for you:
Selma Hepp, Chief Economist, 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.”
Tommy Corbett, Executive Director, Brick & Corbett and RE/MAX Bayshore
“The spring housing market in 2023 showcases a thriving atmosphere, marked by heightened buyer competition and a surge in new property listings. Despite the limited housing inventory, this season witnesses an influx of individuals relocating in search of job opportunities and lifestyle changes. While substantial price fluctuations are not expected, the market’s vibrant activity indicates a favorable outlook for home prices. Buyers who overcome affordability challenges and can seize timely opportunities will discover a market that is highly conducive to their needs. Despite the scarcity of homes, home prices are projected to remain steady, and any potential declines in mortgage rates are anticipated to be gradual throughout the year, but overall, the current state of the real estate market is undeniably positive.”
Greg McBride, Chief Financial Analyst, 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.”
Eric Levanduski, Real Estate Specialist, Brick & Corbett:
“The housing market here in Northern Michigan is already in full swing. When new homes that are priced correctly hit the market, buyers should expect a bidding war, and the need to potentially pay above list price. Right now the best advice I can give to any buyer is to create a solid game plan with your agent, and move swiftly. The coming months will bring more buyers, which means more competition.”
Rick Sharga, Founder and CEO, CJ Patrick Company:
“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.”
Jeff Tucker, Senior Economist, 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.”
Bob Brick, Broker/Director of Mentorship, Brick & Corbett and RE/MAX Bayshore
“May is typically one of the busier months of the year. People are coming out of the doldrums of winter. Spring is in the air. Attitudes are more lively. It’s a great time for people to think about putting their home on the market, and it’s a great time for people who’ve been sitting back waiting for winter to end in order to get out and begin looking again. Real estate signs spring up like the new flowers this time of year.”
Bottom Line
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. Whatever your plans, let’s connect to make sure you’re able to navigate the spring housing market with confidence.
