{"id":1940,"date":"2017-03-14T00:00:00","date_gmt":"2017-03-14T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-this-spring-the-early-bird-wins\/"},"modified":"2017-03-14T00:00:00","modified_gmt":"2017-03-14T00:00:00","slug":"real-estate-this-spring-the-early-bird-wins","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/real-estate-this-spring-the-early-bird-wins\/","title":{"rendered":"Real Estate This Spring: The Early Bird Wins"},"content":{"rendered":"

\n<\/p>\n

<\/p>\n

Entering real estate\u2019s traditionally busiest time of year, the housing<\/a> market is being buoyed by a stronger economy and consumer confidence. Job creation is 30 percent stronger this year compared to a year ago, unemployment is near a 9-year low, and wages and incomes are growing at the largest levels in about eight years, notes Jonathan Smoke, realtor<\/a>.com\u00ae\u2019s chief economist.<\/p>\n

\n

Read more<\/strong>: Get Ahead of the Spring Buying Season<\/span><\/p>\n<\/blockquote>\n

Some buyers are in more of a hurry this season too. In the last two weeks, the 30-year fixed-rate mortgage<\/a> rose by nearly a quarter of a point. The Federal Reserve also has given strong indication that it plans to raise short-term rates later this week (even though mortgage rates aren\u2019t directly tied to short-term rates, they do tend to have an influence). Smoke predicts three to four major increases in mortgage rates this year. He expects rates to rise by from 10 to 25 basis points in one- to two-week spurts, followed by some holding patterns.<\/p>\n

\u201cThe upside of higher rates is that it is getting easier to get a mortgage,\u201d Smoke says. Mortgage credit access has increased 6.5 percent since September, the Mortgage Bankers Association reports.<\/p>\n

\u201cArguably the biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract,\u201d Smoke says. \u201cThat\u2019s because the supply of homes for sale<\/a> is at an all-time low, and yet demand is strong and getting stronger.\u201d<\/p>\n

In January, the nation saw the lowest inventory of homes available for sale ever at realtor.com\u00ae. Inventory did manage a 2 percent increase in February, but it’s still down 11 percent compared to last year.<\/p>\n

With lower inventories and higher demand, homes are selling faster. Twenty-seven percent of listings<\/a> sold in less than 30 days in February, according to realtor.com\u00ae\u2019s data.<\/p>\n

\u201cThe early birds who decided to buy in the winter faced less competition and enjoyed lower rates than we are seeing now,\u201d Smoke says. \u201cIt gets more expensive and more competitive going forward, but the early-ish buyer, at this point, is still likely to come out on top, when you consider that prices and rates are likely to be much higher later in the year.\u201d<\/p>\n

Source: \u201cForget the Snow: Spring Has Sprung in the Nation\u2019s Housing Markets,\u201d realtor.com\u00ae (March 13, 2017)<\/em><\/p>\n<\/div>\n

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Entering real estate\u2019s traditionally busiest time of year, the housing market is being buoyed by a … Real Estate This Spring: The Early Bird Wins<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":1941,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,62,12908,543,127,557,344,3833,408,1032,1295,41,818,84,15309],"class_list":["post-1940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-for-sale","tag-home","tag-home-buying-guide","tag-homes","tag-homes-for-sale","tag-housing","tag-housing-market","tag-mortgage","tag-mortgage-bank","tag-mortgage-rate","tag-property","tag-real","tag-real-estate","tag-ups"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2267,"url":"https:\/\/amazingproperty.com.ng\/blog\/bidding-wars-to-heat-up-this-spring\/","url_meta":{"origin":1940,"position":0},"title":"Bidding Wars to Heat Up This Spring","author":"Amazing Property","date":"March 20, 2017","format":false,"excerpt":"Likely to be a hallmark of this year\u2019s spring homeselling season: Bidding wars. As home listings are scarcer and buyer demand remains high, home shoppers are finding a lot more competition this spring, particularly in hot markets like the San Francisco Bay area, Denver, and Boston. Read more: Up Your\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2708,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-rates-ease-borrowers-not-pouncing\/","url_meta":{"origin":1940,"position":1},"title":"Mortgage Rates Ease, Borrowers Not Pouncing","author":"Amazing Property","date":"March 29, 2017","format":false,"excerpt":"A slight drop in mortgage rates last week did not lead to much mortgage activity. Total mortgage application volume\u2014for refinances and home purchases\u2014mostly stayed flat last week, dropping by a mere 0.8 percent compared to the previous week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. The\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8978,"url":"https:\/\/amazingproperty.com.ng\/blog\/why-you-shouldnt-put-a-home-search-on-hold-in-december\/","url_meta":{"origin":1940,"position":2},"title":"Why You Shouldn\u2019t Put a Home Search on Hold in December","author":"Amazing Property","date":"December 12, 2018","format":false,"excerpt":"December is typically the slowest month in the housing market, but it can be a great month for home buyers who have been sidelined to finally make their move. 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Some buyers may be looking to take\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"1812 Homesearch 1300.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/12\/1812-homesearch-1300.jpg?fit=586%2C330&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/12\/1812-homesearch-1300.jpg?fit=586%2C330&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2018\/12\/1812-homesearch-1300.jpg?fit=586%2C330&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5857,"url":"https:\/\/amazingproperty.com.ng\/blog\/are-millions-of-boomerang-buyers-about-to-ignite-the-real-estate-market\/","url_meta":{"origin":1940,"position":3},"title":"Are Millions Of Boomerang Buyers About To Ignite The Real Estate Market?","author":"Amazing Property","date":"August 23, 2017","format":false,"excerpt":"Remember all those people who defaulted on their homes during the last housing crisis? 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