Home buyers still face affordability challenges. Home prices and mortgage rates remain elevated. But while buying a home is more expensive than it was a few years ago, market conditions may be lining up to provide spring buyers with the best conditions they’ve seen since before the pandemic. How so? Well, for one, rates have been falling recently. That helps. Competition among buyers is also slower. In fact, homes for sale are spending just four fewer days on the market than they were pre-pandemic. That means more time for home shoppers to deliberate and consider their choices. Also, neither buyers nor sellers have a clear advantage in negotiations, according to one new analysis. That also hasn’t happened since before the pandemic. Add in the slowest price increases since 2012 and an increasing number of homes for sale and the spring market begins to look pretty favorable for interested home buyers. (source)
