Why Your Home Buyers Really Need to Hurry

Why Your Home Buyers Really Need to Hurry

Home buyers are expected to outnumber home sellers this spring, which likely will drive up asking prices, Lawrence Yun, the chief economist for the National Association of REALTORS®, told The Wall Street Journal. “Given that prices are rising, more people will be pushed on the borderline of conventional mortgage limits and may need a large down payment or a jumbo mortgage,” Yun says. Nationwide, the median price for an existing single-family home in January was $213,800 – up 8.2 percent just from a year ago, according to NAR’s housing data. Home prices are moving at the highest rate since April 2015. One piece of good news for home buyers this spring: Mortgage rates are expected to stay low, with the 30-year fixed-rate mortgage not likely to rise above 4 percent before May, says Keith Gumbinger, vice president of HSH.com.