As the economy continues to strengthen, the housing market is poised for a very strong spring
Let’s take a look at the numbers:
- Manufacturing continues to expand
- Service jobs rose to a 2 year high as more employees were added back into the workforce
- Motor Vehicle Sales are up 2.5%
- Unemployment Claims dropped
- The monthly Payroll is up 6.3%
- Construction Spending is up 3.1%
- The homeownership rate increased – First-time homebuyers were up substantially
- Home searches are picking up and inventory remains tight
- Home prices on average are 14% higher than just the end of last year
- Mortgage Rates remain low allowing first-time buyers to purchase more home and allowing step-up buyers to purchase larger homes than they thought possible
The first month of 2021 showed us that buyers will face a lot of competition come this spring. This increasing demand has led buyers to perilously up the prices of their properties which has sent prices of homes to increase dramatically. With the post-pandemic economic rebound on the rise and interest rates remaining stable, expect the hot housing market to continue to flourish in 2021.
All this indicates the spring season is going to be a great time to sell. Get your home listed before your neighbors do!