The peak season for real estate sales typically hits its stride from April to June, and this year there’s more pent-up demand than usual. Even with mortgage rates dancing around the 7% mark, compared to two years ago when lenders offered 3% home loans, buyers tired of sitting on the sidelines and waiting for interest rates to settle are ready to make a move. At the same time, sellers used to 3.5% mortgages can afford to sit tight and wait to get their ideal price.
If you want to make a move this spring or summer, now is the time to sharpen your pencil. The combination of elevated mortgage rates, sky-high home prices and record-low housing supply are the thorns among the roses for home buyers this spring — and possibly for the foreseeable future. Hotter-than-expected inflation and robust payroll figures could prop up mortgage rates.
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