Navigating the Spring Housing Market 2020

The spring housing market got an early start in 2020. Historically, April has kicked off the busiest buying season of the year. From 2015 through 2018, April was the peak month for average views per listing on Realtor.com. In 2019, however, January was recorded as the busiest month in 20 of the largest 100 metropolitan markets. This year might follow suit as realtors saw a busier January than normal.

During a typical spring season we would see a spike in inventory as more people are listing their homes. Again, this spring housing market might be different than normal. According to George Ratiu, senior economist at realtor.com, “Housing inventory across the U.S. is expected to reach record lows in 2020.

A Seller’s Market

With the busy season starting early and an anticipated low inventory, this spring could be a seller’s market. (In a seller’s market there are more buyers than available properties.) An increased demand and low supply have the potential to decrease the amount of time properties are on the market and can lead to bidding wars and higher sale prices. 

Missouri Market Statistics

Although it’s helpful to know what’s going on in the real estate market on a national scale, it’s even more valuable to be informed on market trends right here at home. Take a look at the most recent market statistics report produced by Missouri REALTORS® which includes a statewide video and market summary for Missouri.

Shopping the Spring Housing Market

Know what you’re looking for: Decide on your wants and needs ahead of time, so you’ll know what you want when you see it.

Start early: Get pre-approved for your mortgage now, especially since interest rates are so low. Be ready to make a move once you start looking around.

Pay attention to the listing price: In a seller’s market, sellers tend to be more firm on their listing price. Don’t be afraid to try to negotiate, but be sure your offer is strong in case there are others to consider. 

Keep it simple: Sometimes contingencies are a turnoff for sellers. In a competitive market, buyers remove or reduce their contingencies to make their offer more appealing.

Hire the right agent: A local realtor has the expertise to keep up with the current market. Their knowledge, skill set, and negotiation experience could be the edge you need to get the home of your dreams.

Click here to contact one of Missouri Home, Farm & Land Realty LLC’s qualified realtors today!

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