Spring Market Shape Up

image courtesy of pexels.com

One of the best ways to get prepared for buying or selling during the busy spring season is to know where the market is going. With Tuesday, March 20th being the first day of spring here is your 2018 Spring Real Estate market round-up.

Things are ramping up for lower to mid-range buyers and sellers.

According to The Washington Post, last year’s biggest challenge to the Spring Real Estate Market was low inventory and it’s looking to shape up the same for 2018, especially for entry-level buyers. It can be challenging enough to go through the process of homebuying for the first time without extra competition, however, if you’re ready to buy— it’s time to strap in and get ready to rumble.

Mortgage rates and new tax laws are affecting affordability.

Between the varying expert opinions, they seem to have one thing in common: rising costs. Whether it’s mortgage rates or home prices, they’re going up. According to Business Insider homes are still more affordable than ever, they just might not be for long.

After locking in your rates and shopping within your budget, it's smart to plan for the tax changes that will affect you next year.

Things aren't all that bad in RVA.

Great news, despite this ominous outlay of the Spring market, Richmond still remains one of the most affordable cities for millennials, creatives, and entry-level buyers according to Curbed.

Spring is a great meeting point for buyers to view more inventory and sellers to stir a little competition.

While low inventory traditionally means it’s a seller’s market (they have more bargaining power) they still need those offers to roll in, which is why spring is one of the best times of year to put your house up for sale.  The highest number of buyers are looking between the months of April to June according to The Balance. 

Ultimately, mortgage rates and home prices are trending up. If all your ducks are in a row and you're ready to buy, hop in the market before affordability drops. If you've been thinking about selling, it's best not to wait for buyers to thin out with shrinking options for financing.