It's going to be an interesting spring.
Rising home prices and gradually increasing mortgage rates have 75% of Americans stating that it is smarter to buy now than to wait a year, according to a recent study by Trulia. Conversely, fewer than 1 in 3, 32% to be exact, Americans believe it would be better to sell now than to wait another year.
However, with inventory at a 12-year low, this mentality has created a seller’s market. This indicates a very aggressive spring season ahead, as buyers scramble to win tough bidding wars and outsmart fierce competition, Trulia says.
Good for sellers. Bad for buyers.
But just because buyers are busy buying (or trying to buy), doesn’t mean they are always happy with their home. More than half of Americans said they regret at least one thing about their current home or their home-buying process. The top regrets were choosing a home that’s too small, renting instead of buying, not remodeling significantly enough and not being financially secure prior to purchasing.
But there’s good news. As the market continues to improve, housing regrets are becoming more and more sparse. In fact, among homebuyers who moved into their current home between 2010 and 2013, there were fewer regrets compared to those who moved between 2003 and 2009, according to Trulia.
Better home affordability, lower mortgage rates and conservative bank lending are likely key factors helping buyers avoid major housing regret, the real estate firm notes.
So for us buyers, the key is riding out this crazy market. For sellers, enjoy the demand and the multiple offers on your home!