The demand during this year’s spring housing market is higher than last year, across the country. Not only is there an increase of buyers but buyers who were outbid the previous year are more determined this year to find a home that will be suitable for them this spring; which makes the market more competitive.
Although there are a good number of homes on the market each week for the next three to four months, the number of potential buyers still outnumbers the available home in the market. This year is the busiest season for the real estate industry for home buying but the lowest in three years for the amount of inventory. For a buyer to be ahead of the others, a pre-approved mortgage would be essential along with the ability to act quickly once a suitable home is found.
The increase in demand in the market is causing homes to sell faster despite the growth of listings this year. There was 3 percent more home for sale this month compared to February. Although the extra inventory serves as a welcome sign for the buyer, inventories are still at a 2 percent low compared to that of what the previous year has registered. This proves that the inventory crunch still plagues a lot of housing markets.
The limited number of inventories resulted to homes being sold faster in March, with about a median of 77 days on the market. This is 20 percent faster than the previous month and 13 percent faster last year, according to a housing report conducted by realtor.com. They also found out that demand is strong through their preliminary analysis of site traffic data. It showed an increase of 20 percent compared to March 2015. Searched for a house in their website also increase to 40 percent compared to the previous year.
