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, thatās a good sign for sellers.
āSpring is officially here. New data suggests that more buyers are back in the market.ā We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia:
āA mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate.ā
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.
āApplication activity increased as mortgage rates declinedā¦..recent increases, along with data from other sources showing an uptick in home sales, is a welcome development.ā (Mortgage Bankers Association)
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.
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 are a seller, you need to prepare. This means working with me to maximize your homesā appeal and get it listed.
Bottom Line
The housing market is warming up for spring. If you are thinking about selling your house and taking advantage of this recent uptick in buyer activity, give me a call.