Spring Season Boosts Buyer Activity in the Housing Market: Good News for Sellers

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As the spring season is in full swing, more and more buyers are entering the housing market. This is good news for sellers, who have been affected by rising mortgage rates in recent times. Realtor.com has released its latest report, stating that:

“New data suggests that more buyers are back in the market, although more subdued compared to a year ago.”

Mortgage purchase application data is a reliable indicator of buyer activity, as it shows the number of mortgage applications being submitted to lenders. Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), confirms that buyer demand is on the rise, as application activity began to ramp up in March after mortgage rates started declining:

“Application activity increased as mortgage rates declined . . . recent increases, along with data from other sources showing an uptick in home sales, is a welcome development.”

Last year, as mortgage rates rose dramatically, applications fell in response. However, the recent increase in mortgage applications, along with the decline in mortgage rates, is good news for sellers as more buyers are actively looking for homes.

If you are a homeowner planning to sell in 2023, the time to prepare is now. According to Realtor.com, you need to work with a local real estate agent to maximize your home’s appeal and get it listed at the ideal price for your area.

In summary, the housing market is heating up this spring, and if you are a seller, it’s time to get ready. More buyers are entering the market, and it’s essential to work with an experienced real estate agent to make the most of this uptick in activity.

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Dowell Family Team
Author: Dowell Family Team

Berkshire Hathaway HomeServices Kansas City Realty team serving the residential needs if Kansas Citian’s including Olathe, Overland Park, Gardner, Spring Hill, Leawood, Lenexa, Shawnee and surrounding Johnson County cities.

Author: Dowell Family Team

Berkshire Hathaway HomeServices Kansas City Realty team serving the residential needs if Kansas Citian’s including Olathe, Overland Park, Gardner, Spring Hill, Leawood, Lenexa, Shawnee and surrounding Johnson County cities.

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