“If you’re a homeowner planning to sell in 2023, now is the time to get ready.”
The spring season appears to be warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that’s a good sign for sellers. Realtor.com has the latest:
“Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued compared to a year ago.”
We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:
“A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.”
That means the number of mortgage applications shows how many buyers are applying for mortgages. Put another way, an increase in mortgage applications means an increase in buyer demand – and as Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains, application activity started ramping up as mortgage rates fell steadily in March:
“Application activity increased as mortgage rates declined . . . recent increases, along with data from other sources showing an uptick in home sales, is a welcome development.”
In fact, we can see how mortgage rates have a direct impact on applications over time. As rates rose dramatically last year, applications fell in response (see graph below):
The recent uptick in mortgage applications, as well as the decline in mortgage rates, is good news for sellers because it means more buyers are actively looking for homes.
What This Means for You
Buyers are coming this spring, which is typically the busiest time of the year in real estate. And as Realtor.com tells us, if you’re a seller, you need to prepare:
“If homeowners are planning to sell in 2023, now is the time to get ready.”
The means working with a local real estate agent to maximize your home’s appeal and get it listed at the ideal price for your area.
Bottom Line
If You’re a Buyer, Is Offering Asking Price Enough?
If you’ve found your dream home, you need to be realistic about today’s housing market and how that impacts the offer you’ll make.
Two Reasons Why Waiting a Year To Buy Could Cost You
If you are hoping that waiting a year might mean better market conditions to purchase a home, you may want to think again.
Is a 20% Down Payment Really Necessary To Purchase a Home?
If you’re a prospective homebuyer, it’s important to know you don’t have to put the full 20% down
Is It Time To Move on to a New Home?
As the past year has shown, our needs can change rapidly. That means the longer you’ve been in your home, the more likely it is your needs have evolved.
Is the Number of Homes for Sale Finally Growing?
Signs of relief are finally appearing for frustrated buyers. If you’re thinking of selling, now may be a good time to do so!
5 Tips for Making Your Best Offer
In today’s sellers’ market, standing out as a buyer is critical. Multi-offer scenarios and bidding wars are the norm due to the low supply of houses for sale and high buyer demand.