Factors Boosting Housing In May

Factors Boosting Housing In May

With the school year coming to an end, many families will be in the market to move while the kiddos are not in the midst of a school year. 

Here are four current housing market factors that will likely translate into greater sales this Apr

1. Low mortgage rates: Mortgage rates have moved lower this month and are hovering near the lowest averages in the past three years. Lower mortgage rates help boost home buyers’ purchasing power as well as buyers’ ability to qualify for a mortgage.

2. More urgency: Many buyers were frustrated last year with their inability to buy. This spring, they’re heading to the housing market more determined. Mortgage applications for home purchases are up 20 percent compared to last year.

3. More searching: Realtor.com® reports a record number of people searching and looking at its website for homes. Nevertheless, there are 2 percent fewer homes for sale that they’ll find when compared to last year.

4. Faster sales: The time that listings spend on the market has dropped dramatically. Nationwide, the median days on the market dropped 14 days in the first two weeks of April compared to the first two weeks of March.

The Phoenix Metro does not need to wait for the snow to melt, so the market here has been busy since January. If you are a new or repeat Buyer looking at begging your search or if you are in need to sell your home. Ask a Realtor for a complimentary consultation to discuss the Buying or Selling process and how the market will effect your specific situation. 

Source: “Mid-April Forecast: Warm Weather Will Bring Out Home Buyers,” realtor.com® (April 15, 2016), "4 Factors Boosting Housing This Month," Realtormag.Realtor.org (April 18, 2016).

Matt Pennington Headshot
Phone: 480-251-0280
Dated: April 19th 2016
Views: 342
About Matt: Matt has been a licensed Real Estate Broker since 2003 and with American AllStar Realty since 2005. ...

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