Exciting News for Spring Homebuyers: Buyer Activity is on the Rise

Spring is officially here, and the housing market is beginning to show signs of increased buyer activity. According to the latest data from Realtor.com, while the numbers are still somewhat subdued compared to last year, more and more buyers are showing interest in the market. This is great news for sellers who have been waiting for a rebound.

Rise in Mortgage Applications

One of the key indicators of increased buyer activity is the rise in mortgage applications. These applications are submitted by buyers when they apply for a mortgage to purchase real estate, making them a critical metric for measuring buyer demand. As Joel Kan, VP, and Deputy Chief Economist at the Mortgage Bankers Association explains, application activity began ramping up in March as mortgage rates declined. This recent increase in applications, along with other data showing an uptick in home sales, is a positive sign for the market.

Last year, rising mortgage rates kept many buyers on the sidelines, causing a decline in applications. However, as rates have fallen steadily in recent months, there is a direct correlation with the increase in applications (see graph below). This uptick in buyer activity is great news for sellers who have been waiting for the market to heat up.

mortgage-demand-rises
mortgage-demand-rises

What Does This Mean for Sellers?

If you’re a seller planning to sell your home in 2023, now is the time to prepare. With the spring season typically being the busiest time of the year in real estate, there are likely to be many buyers looking for homes in the coming months. Here are a few things to consider as you prepare:

  1. Get Your Home Ready

Make sure your home is in good condition and is staged to attract buyers. Consider getting a pre-listing inspection to identify any issues that need to be addressed before listing.

  1. Price Your Home Competitively

Research local market trends to determine the best price for your home. Pricing it too high could turn off potential buyers, while pricing it too low could result in leaving money on the table.

  1. Work with an Experienced Real Estate Agent

A good real estate agent can help you navigate the complex process of selling a home. They can provide valuable insights into market conditions, pricing, and marketing strategies.

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Here’s what this exciting news means for you:

  • More buyers are entering the market this spring
  • Mortgage applications are on the rise, indicating increased buyer demand
  • This is a great time for sellers to prepare to sell their homes in 2023.
mortgage-demand-rises
mortgage-demand-rises

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