Housing market gains momentum as weather warms
Posted on Tuesday, April 1, 2014 at 7:29:13 AM
Buyers looking to acquire affordable residential financing are facing constantly fluctuating conditions and a recovering housing market. According to industry experts, this segment is expected to get a little crowded this spring, as more buyers and bidding wars are on the horizon.
Redfin's latest Real-Time Agent Survey found that 61 percent of the company's real estate agents believe that the housing market will be more competitive this spring compared to last year. The hottest regions should be the Northeast and the Midwest.
"Bidding wars are heating up in Boston," Redfin agent Adam Welling noted as an example. "The difference this year is that competition has spread. With inventory so low, homebuyers are expanding their search and neighborhoods that didn't have multiple offers last year are now seeing heavy competition."
Tough weather conditions limited activity this winter, but now buyers and sellers are coming out in droves. In addition to the added activity, their preferences have also changed this year. According to the National Association of Home Builders, newly constructed homes in 2014 are coming with a new set of requirements. For example, a walk-in closet, energy-efficient windows and a laundry room are all popular.
NAHB chairman Kevin Kelly explained that this spring is a great time to think about buying a new home, with low residential financing rates and affordable home prices.