With spring officially underway, the first thing homebuyers need to understand is that inventory levels are low. In fact, the biggest challenge buyers in many markets will face is actually finding a home to buy. However, the upside for homebuyers is the fact is interest rates are expected to lower. The average rate on a 30-year fixed-rate mortgage is hovering just above four percent. Rates are the lowest they have been for over a year and are expected to remain that way throughout the spring home buying season.
For potential homebuyers, some of the springtime benefits include:
- More Choices: Springtime generally means more new homes on the market. While that isn’t necessarily the case this year, spring usually provides large amounts of inventory to buyers.
- Low Mortgage Rates: There’s no better time to invest in real estate than when mortgage rates are low, and this year, mortgage rates are expected to hit new lows this season.