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Expect to See an Exceptionally Busy Spring Home Buying Season in 2014

Spring home buyingIf you’re currently trying to sell your home on the local housing market, great news: it’s about to get very, very busy for you.

That’s because national real estate experts are projecting that this spring will see even more home buying activity than is already expected for this time of year.

Why? Because of pent-up home buyer demand from the unusually cold winter we had.  Home buyers who might have navigated the market in late 2013 and early 2014 ended up holding off because of the bad winter weather.  Can you blame them?  House hunting in frigid temperatures while trudging around in the snow and bad weather is no fun at all.

So now that it’s warming up outside, these home buyers – along with those who would have normally entered the market in spring – are flooding the real estate market.

More Trends to Expect This Spring on the National Housing Market

According to a recent Bloomberg article, the spring home buying market (which usually runs from March to June) was delayed because of the unusually bad winter we’ve had across the country.

This late start meant that home sales declined in February to the lowest level since mid-2012. And the number of contracts signed reached the lowest level since 2011.

Meanwhile, applications for mortgages to buy homes dropped to the lowest since 1995 during the month of February.

While this may all indicate a slowdown, experts are saying that a lot of this activity was related to the unseasonably bad winter. Consequently, they expect home buying to surge over the next few months.

Here are the predictions provided by real estate market experts:

  • Sales of existing homes will increase to 5.14 million in 2014, compared with 5.07 million last year.
  • Mortgage lending will total $661 billion, compared with $652 billion last year.
  • The average U.S. rate for a 30-year fixed mortgage will continue to rise from last year’s figure, when it was 3.57 percent.
  • First time home buyers will continue to increase in the market. For instance, in January, they made up 26 percent of the market. And in February, that figure rose to 28 percent.
  • The inventory of available homes will decrease. As of recently, the inventory was at 5.2 months.
  • Some markets are leaner than others. For instance, in Boston and Boulder, the number of homes for sale in February was down about 30 percent from the year before.

Keeping You Updated With the Real Estate 411

Happy spring home buying season to all the sellers out there! It’s definitely a great time to capitalize on the home buying energy and get a great price for your property.

And make sure to check back here again in a couple of weeks. You’ll be provided with even more news that will aid you as you navigate the market.

About The Adler Home Team

When looking to buy or sell in Northern New Jersey, you may rely on The Adler Home Team and their intimate knowledge of the distinct communities throughout the region. Jeff & Debby Adler continue to lead with contribution and have served over 1,100 families in their 20 year experience in Northern New Jersey. Through their combined efforts, this team of eleven professionals is very diligent in serving a full array of clients from first time buyers to those seeking their expertise in Residential, Condos, Townhomes, Luxury, New Construction, Relocation, Short Sales, Foreclosures and Rental Properties. By accessing the very best in technology, current market data and creative marketing applications, The Adler Home Team takes every measure to ensure that their clients are educated and provided with the critical insights that meet their specific requirements. They teach, lecture and train at the national level on negotiation skills, marketing and team building. The Adler Home Team is most proud and thankful for their strong referral business that confirms their talents, creativity, professionalism, diligence, knowledge, and outstanding integrity. The Adlers look forward to forming a partnership with their clients to help them reach their goals and make smart business decisions. So, when it comes time for you, a friend, or a family member to make a move, trust the Adler Home Team to win for you. Google

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