Much of the country is looking at one more very big bite of winter before spring officially begins, but for the residential real estate market, spring is already underway – and new home buyers are sprouting everywhere.
Job creation so far this year is 30% stronger than in the same period last year. Unemployment is close to a low of more than nine years. Wages and income are also starting to pick up to growth levels we haven’t seen since 2009.
And with more money in their bank accounts, consumers are feeling a boost in confidence that leads to big purchases….like homes! This year’s economic growth gives them another reason to buy sooner rather than later, because stronger economic growth also means higher interest rates.
The early birds who decided to buy in the winter faced less competition and enjoyed lower rates than we are seeing now. It 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.
Let me help you find your next dream home!
Reference: Jonathan Smoke, March 2017