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Whether you are thinking about buying or selling a home this upcoming year, it is crucial to understand both the current and the projected states of the housing market. Thus, here are a few housing market trends to keep an eye on for spring 2025.
The housing market across the US has been very strong over the past year. Hoe prices skyrocketed across the country, particularly in states like Idaho. Market conditions are strong, and home sales are as good as they’ve been over the past couple of decades.
According to experts with the National Association of Realtors (NAR), the success of the housing sector will continue in 2025.
Home sales could dip this year, though they will exceed levels from before the recent health crisis, largely because of a likely increase in inventory over the coming months.
There is also likely to be an influx of people moving back into the city. This will likely be more prevalent with individuals that moved in with relatives to save money and who are looking to take advantage of low predicted rental rates or rent concessions.
Yet another interesting trend experts are forecasting is that this spring will be the last of its kind. In other words, the recent pandemic taught us how to buy a home virtually, and opting for online lenders helped to speed up the entire home buying process. Thus, many analysts believe that after spring 2025, any season will be the best time to buy or sell your home.
Real estate experts are forecasting home prices to increase over the course of 2025.
Further, an increase in builder confidence and residential building permits translated into an uptick in new residential construction. As a result, there will definitely be newly built homes on the market come spring. The good news here is that having access to more inventory will help spur things along.
However, there will likely not be enough inventory to meet the ever-increasing demand for homes. Thus, to no one’s surprise, a continued seller’s market during springtime and the remainder of 2025 is almost a guarantee.
In the event of rapid price growth and slightly higher mortgage rates, more than a few home buyers may have trouble affording their dream home later this year. At present, home prices are steadily climbing, as are mortgage rates. Therefore, making a move now or in early spring might be the best decision for buyers to get in before prices and rates go up even more, especially those looking to purchase their first home.
Ultimately, these are just a few major spring 2025 housing market trends to be mindful of when considering a home purchase or sale.
Are you curious about mortgages, or are you ready to apply for one to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.