4 things to know about the spring market

April 23, 2019

The real estate market is changing all the time and this spring will present unique situations that real estate professionals may not have encountered at this time last year.

Here are just a few:

1) It's shifting to buyers

For years, sellers dominated the market because so much of the country had an extremely limited inventory, but that's often no longer the case, according to Realty Biz News. With more construction efforts and greater enticement for current owners to sell, many markets now see much smoother sales numbers, which tends to favor buyers.

2) Inventory's still an issue

However, there are some metro areas where the seller's market persists because of high demand and low inventory. That disparity should keep home prices growing at above historically average rates for some time to come.

3) Affordability is a consideration

With prices still rising and mortgage rates hovering in the same area for some time now, combined with a stronger economy, more people are actually able to afford home purchases, according to Than Merrill. However, this may be a delicate balance because while rates are still lower than historical averages, they are also much higher than they were just a few years ago.

4) Millennials in control

With all these considerations in mind, it should come as no surprise that young adults are now playing catch-up when it comes to buying homes en masse. Earlier generations started their widespread homebuying trends much earlier in life than millennials, who faced many setbacks during and after the recession. Improving conditions in many markets will put millennials in the driver's seat.