The first thing that comes to mind when you think of spring is, of course, sunshine. And for buyers who are looking to purchase real estate this spring season, the forecast is looking pretty sunny.
According to a recent article in Realtor Magazine, while home prices across the country are up year over year, the outlook is improving—and homes are expected to become increasingly affordable as we move through spring. The reason for the improved affordability outlook? Falling mortgage rates, which has increased potential homeowners’ buying power and reduced the average monthly mortgage payment (according to the article, mortgage payments on an average-priced home in the US have dropped by $62 per month).
Spring is on its way, and sunnier days—and a sunnier real estate market—are on their way right along with it.