{"id":5244,"date":"2017-03-20T11:11:25","date_gmt":"2017-03-20T18:11:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=5244"},"modified":"2017-03-16T17:13:54","modified_gmt":"2017-03-17T00:13:54","slug":"real-estate-enters-spring-season-buyers-have-never-moved-so-fast","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/03\/real-estate-enters-spring-season-buyers-have-never-moved-so-fast\/","title":{"rendered":"Real Estate Enters Spring Season &#038; Buyers Have Never Moved So Fast"},"content":{"rendered":"<p style=\"text-align: justify;\">We\u2019re just entering what\u2019s traditionally the busiest time of the year in real estate, and housing markets are being buoyed by a resurgent economy and improved consumer confidence. Job creation is up 30 percent compared to one year ago, unemployment is down, and wages are growing at their fastest rate in around 8 years, writes realtor.com economist Jonathan Smoke.<\/p>\n<p style=\"text-align: justify;\">With that in mind it\u2019s no surprise that many buyers are in a rush too. One reason is that the 30-year fixed rate mortgage has risen recently by almost a quarter of a point. In addition the Federal Reserve has strongly hinted at plans to increase short-term rates soon. As such, Smoke reckons we\u2019ll see as many as three or four major mortgage rate increases this year, with rates expected to rise from 10 to 25 basis points in one- to two-week spurts, followed by some holding patterns.<\/p>\n<p style=\"text-align: justify;\">\u201cThe upside of higher rates is that it is getting easier to get a mortgage,\u201d Smoke said. Mortgage credit access has increased 6.5 percent since September, the Mortgage Bankers Association reports.<\/p>\n<p style=\"text-align: justify;\">\u201cArguably the biggest challenge to buyers this spring will be simply finding a home to buy and getting it successfully under contract,\u201d Smoke continued. \u201cThat\u2019s because the supply of homes for sale is at an all-time low, and yet demand is strong and getting stronger.\u201d<\/p>\n<p style=\"text-align: justify;\">Last January, realtor.com reported a record low inventory of homes for sale in the US, since it began tracking supply. Inventory levels rose by around two percent in February, but are still down by 11 percent compared to one year ago.<\/p>\n<p style=\"text-align: justify;\">With higher demand and lower inventories, it\u2019s only natural that homes are selling faster. Buyers simply can\u2019t afford to wait for risk of losing out on the home they\u2019ve settled on. According to realtor.com, 27 percent of all listings sold in under 30 days in February.<\/p>\n<p style=\"text-align: justify;\">\u201cThe early birds who decided to buy in the winter faced less competition and enjoyed lower rates than we are seeing now,\u201d Smoke concluded. \u201cIt gets more expensive and more competitive going forward, but the early-ish buyer, at this point, is still likely to come out on top, when you consider that prices and rates are likely to be much higher later in the year.\u201d<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/real-estate-enters-spring-season-and-buyers-have-never-moved-so-fast\/98739375\/\" target=\"_blank\">Real Estate Enters Spring Season &amp; Buyers Have Never Moved So Fast<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We\u2019re just entering what\u2019s traditionally the busiest time of the year in real estate, and housing markets are being buoyed by a resurgent economy and improved consumer confidence. Job creation &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/real-estate-enters-spring-season-buyers-have-never-moved-so-fast\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-5244","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Real Estate Enters Spring Season &amp; Buyers Have Never Moved So Fast &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2017\/03\/real-estate-enters-spring-season-buyers-have-never-moved-so-fast\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Real Estate Enters Spring Season &amp; Buyers Have Never Moved So Fast &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"We\u2019re just entering what\u2019s traditionally the busiest time of the year in real estate, and housing markets are being buoyed by a resurgent economy and improved consumer confidence. 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