The late-spring and summer months are traditionally considered to be when home sales are at their peak but with favorable market conditions, experts say home buying season may come early this year. According to a report from Realtor.com, the month of January in recent years has had the second-most listing views across the year, just one percent less than February.
Low unemployment figures, higher wages and mortgage rates near historic lows are expected to bolster both buyers and sellers this winter.
With increased views per listing, competition for homes is expected to increase this year as well. This will likely result in a spike in bidding wars and a return to a predominantly sellers’ market which many analysts thought had cooled over the past year.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.