Real Estate News

Spring home market brings challenges for buyers

Published: 10 May 2017

When the weather starts to warm, buyers may be in an active mood, seeking out what could be their new homes. Although there have been some generally favorable predictions for the year, those looking to purchase in the coming months could be in for some challenges, according to the Wall Street Journal.

Experts believe that numerous factors were converging to make Spring 2017 a competitive one for prospective owners. This might be good news for the market but less exciting for the buyers themselves, facing lower inventory rates, a shorter median time for homes to be on the market and higher prices.

This doesn't mean that there's no hope for those looking to close. In fact, Forbes spoke to Joseph Kirchner, a senior economist for Realtor.com, who encouraged buyers to take advantage of the current market while they can.

"This is the time for home buyers who have identified a home to purchase to pull the trigger and lock in a low rate," he said.

In general, there are differing opinions over when is the best time to buy. While summer is usually seen as the busiest time, winter months can be a strategic buying season, given that the market isn't as crowded or the competition as intense. With that being said, most signs seem to suggest a seller's market for the current spring, which obviously suggests pressure for the intended buyers.

As Consumer Affairs reported, this is especially notable when comparing these conditions to the ones from the same time last year. The publication actually said that this can be a good sign in a way, since it shows "consumer confidence" among a group of buyers who feel more comfortable putting their money on new properties in a formerly turbulent time.