The spring home-buying season is off to a roaring start, with home values up 7 percent and supply down 3 percent year-over-year, according to Zillow’s Real Estate Market Reports for February. Competition is expected to be fierce as homebuyers chase down few listings, says Zillow Chief Economist Dr. Svenja Gudell.
“Low inventory, strong demand and tough competition will be the defining characteristics of this year’s home shopping season,” Gudell says. “Even though interest rates are rising, buyers are eager to start their home search.”
“If you’re a prospective buyer about to enter the market, keep in mind that it’s rare to get the first home you make an offer on, and homes in particularly hot markets frequently sell for over asking price,” says Gudell. “Buyers should give themselves enough time to get their finances in order and find a real estate agent they know and trust before jumping into the market.”
If you are having thoughts of buying or selling, the time is now to take advantage of this hot market. Call Cheryl Marquis for a free market valuation of your home.
Originally published and summarized from RisMedia.com