SPRING HOMEBUYING STARTS EARLY ACROSS THE U.S.

Home sales rose in February. What does it mean for soon-to-be homebuyers this spring? Here are some insights from the latest RE/MAX National Housing Report.

It’s officially spring! And with the first day of the season behind us, the springtime real estate market is here. The latest RE/MAX National Housing Report, which analyzed housing trends from the month of February, helped confirm it.

A compilation of data from 50 U.S. metro areas, the report found that home sales increased a whopping 17% from January to February. Annually, February home sales rose 2.3% from February 2023.

“The February jump in sales activity illustrates the strength of demand in many markets. Buyers are out there looking for homes,” says Amy Lessinger, President of RE/MAX. “Investing in real estate is still one of the best ways to build wealth. As the market has continued to rebalance, both buyers and sellers seem to be adjusting their plans and making moves they may have had on hold for a while.”

What does this mean for springtime homebuyers and sellers?

As real estate consumers – especially homebuyers who have been sidelined by factors like higher interest rates – take to the market this spring, they should keep a few factors in mind.

Today’s prospective buyers may see ongoing high prices continue. The RE/MAX report revealed that the nation’s median home price was $412,000 in February, up 2.1% compared to January and up 7% from the same time last year.

Though prices across the board are on the rise, the number of homes for sale are, too. Inventory of homes for sale in February was up 10.8% year-over-year, giving buyers more options to choose from.

For current home sellers, it’s good to know that houses, on average, are taking 44 days to sell, which is two days faster than last month and one day faster than last year. Helping their property shine is one way sellers can create a competitive edge.

An example is focusing on curb appeal – an element that becomes especially important in the springtime as nature revitalizes and blooms once again. Cleaning up from winter wear and tear, maintaining a polished appearance, and implementing fresh features (like a coat of paint or colorful flowers) can help prospective buyers form a better first impression of a home.

Buyers and sellers alike will want to navigate the spring housing market with the guidance of a skilled real estate professional. It’s helpful to find one who stands out from the rest, and has the experience to get the job done in today’s market – like a RE/MAX agent.

If you’re looking to make a move, contact a local RE/MAX agent today.