If you are looking to buy or sell a home, then three recent developments make this spring a unique moment to do so quickly and at a top price.
First, mortgage rates have stabilized.
From a low of 3.41% last July, the 30-year fixed mortgage rate spiked up after the election and reached a high of 4.31% in December.
However, rates have stabilized over the past few months, and despite the increase, they are still near historical lows.
Second, jobs are up.
The U.S. Bureau of Labor Statistics reports 235,000 new jobs in February and 2.3 million over the past year. This reflects continuing growth in consumer and business confidence over recent months.
Third, housing inventory is at a record low.
February saw a 17.9% year-over-year drop in the number of homes on the market. This is the 100th consecutive month of year-over-year declines, going back to October 2008.
So what do these three developments mean for you?
Demand for homes is strong and will continue to get even stronger due to the growth in jobs and the low and stable mortgage rates.
The statistics bear this out: homes sold within an average 68 days this February compared to 75 days in February 2016.
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