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Spring Housing Market 2023: The Neighborhood Minute June 2023
Your Guide for Navigating the Spring Housing Market
What you need to know about the spring housing market forecast.
The spring housing market usually heats up along with the temps, but buyers entering the market this season will be dealing with more than just inventory issues. Additionally, home prices don’t seem to be budging anytime soon, causing most buyers to stick even closer to their budgets.
Read on to find out how mortgage affordability and housing supply will affect both buyers and sellers this season, along with up-to-the-minute housing market predictions.
The Latest Mortgage Trend Report
Housing Market Predicted To Be Calm, with Some Competition
- The Fed raised the benchmark interest rate again in early May to 5%-5.25%.
- Watch for increasing demand if rates take a dip, but buyers are unlikely to see the crowds, bidding wars and beyond of past years.
- Our nation’s housing supply is still quite limited, which will ramp up competition, especially in more competitive markets.
- Total home sales saw their largest monthly percentage increase in March since July 2020.
- Well-priced homes are expected to sell easily, but sellers will likely need to cut prices for homes that stay on the market longer.
- Home prices are forecasted to move slowly, possibly inching higher, as the busy summer housing market gets into full swing.
Upcoming Trends and How Mortgage Affordability Is Changing
- Those who purchased homes or refinanced at record-low interest rates aren’t moving anytime soon.
- Tight housing supply is also one reason home prices aren’t dropping off this year as many buyers hoped.
- Typically, buyers are spending 31% of their household income on a mortgage after a 20% down payment, which is less than the 34% reported in the fall, but still historically high.
- Sellers should be aware that Mortgage affordability will be a challenge for buyers throughout the busy summer home buying season.
2¢ Worth of WisdomQ: Do you have any tips for setting a mortgage budget? A: “The first step in setting a mortgage budget is determining your monthly income and expenses. Next, make sure your savings strategy is strong so you can prep for a down payment. You’ll also want to calculate your debt-to-income ratio and prioritize paying off any debts so you can meet the ideal 36% range. Consider reaching out to our WesBanco loan officers who are experts in helping home buyers at every stage in the process.” —Ed Hensley, Executive Vice President & Manager, Residential Lending |
Tools, Tips and Advice
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*All information cited can be found on housingwire.com.
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