As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling.
Now, however, rates are beginning to come down—and buyers are starting to reenter the market. In fact, the latest data from the Mortgage Bankers Association (MBA) shows mortgage applications increased last week by 7% compared to the week before.
So, if you’ve been planning to sell your house but you’re unsure if there will be anyone to buy it, this shift in the market could be your chance. Here’s what experts are saying about buyers returning to the market as we approach spring.
Mike Fratantoni, SVP and Chief Economist, MBA:
“Mortgage rates are now at their lowest level since September 2022, and about a percentage point below the peak mortgage rate last fall. As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers.”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November.”
Thomas LaSalvia, Senior Economist, Moody’s Analytics:
“We expect the labor market to remain robust, wages to continue to rise—maybe not at the pace that they did during the pandemic, but that will open up some opportunity for folks to enter homeownership as interest rates stabilize a bit.”
Sam Khater, Chief Economist, Freddie Mac:
“Homebuyers are waiting for rates to decrease more significantly, and when they do, a strong job market and a large demographic tailwind of Millennial renters will provide support to the purchase market.”
Bottom Line
If you’ve been thinking about making a move, now’s the time to get your house ready to sell. Let’s connect so you can learn about buyer demand in our area the best time to put your house on the market.
More Articles
Las Vegas
SKYE CANYON VALERA COLLECTION BY TOLL BROTHERS
The Valera Collection, within the Skye Canyon master plan community, offers large home sites and spacious, luxury two-story designs with...
July 26, 2024
Read More
Las Vegas
SELL YOUR LAS VEGAS HOME FAST: 5 STEPS TO SELL YOUR LAS VEGAS NV HOME! | RELOCATING TO LAS VEGAS NV
Are you thinking about moving to Las Vegas, Nevada but need to sell your home fast? In this video, I'll...
July 26, 2024
Read More
Las Vegas
TRIPOINTE HIGH VIEW IN INSPIRADA
Highview offers modern, hassle-free living with stylish two and three-story townhomes. The design features seamless spaces, thoughtful details, and the...