Spring is finally here, and it seems like the real estate market is starting to bloom along with it. After a tough year that saw rising mortgage rates keep many buyers on the sidelines, it's heartening to see more and more of them re-entering the market. This is great news for sellers, and we have the data to back it up.
According to Investopedia, a mortgage application is a document you submit to a lender when you're applying for a mortgage to purchase real estate. Simply put, the number of mortgage applications reflects the number of buyers looking for a new home. As Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), explains, application activity has been ramping up as mortgage rates fell steadily in March. This recent uptick in applications, coupled with other data showing an increase in home sales, is an encouraging development.
As you can see from the graph below, mortgage rates have a direct impact on applications over time. As rates rose sharply last year, applications fell in response. However, with the decline in rates and the recent surge in buyer activity, now is the time for sellers to make a move.
But don't just take our word for it. Realtor.com confirms that more buyers are entering the market this spring, and if you're a seller, you need to be ready. That means working with a local real estate agent to get your home ready and priced appropriately for your area. After all, you don't want to miss out on this opportunity to make a sale!
So if you're thinking about selling your house and taking advantage of this recent uptick in buyer activity, let's connect. As a Claremont Real Estate Agent, I can help you maximize your home's appeal and ensure that you get the best possible price. With the market heating up, now is the time to make your move!
