This week the overall trends are still in buyers favor. Across the U.S. home prices and market conditions continue to show signs of softening. Many areas report slowing or flat price growth after years of a super-heated market. Market data from weekly housing reports show a noticeable increase in inventory and new listings. Up sharply from compared to prior weeks and year-ago levels. This growing inventory is helping balance conditions between buyers and sellers heading into the traditional spring selling season, which often begins in earnest in March. Prices, on average, are holding relatively steady as sellers adjust expectations and compete for a smaller pool of active buyers. Analysts and tech firms like Zillow see improving affordability this year anticipating that more markets will become affordable by year’s end thanks to lower mortgage payments and modest income gains. Mortgage rates remain a central factor. Although still elevated compared with the ultra-low rates seen earlier in the decade, rates have eased enough this winter to offer some relief. Typical monthly mortgage payments are currently reported to be significantly lower than last year improving affordability for many potential buyers, especially first-timers. The Spring market will heat things up. So, If you are looking for a great deal, brave the snow and ice and find that perfect home. Now is the time!
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