Tight inventory is fueling rapid appreciation in home prices, despite rising rates
March 21…Spring is here — and with it comes the most popular time of year to shop for a home. But if prospective home buyers don’t prepare properly, they could be in for an agonizing search.
Across the country, many housing markets are seeing a record low number of homes up for sale thanks to fewer existing homeowners opting to move and home builders constructing fewer new homes. Tight housing inventory is, in turn, fueling rapid appreciation in home prices, all while mortgage rates have generally increased at a steady clip.
Not only is that making it less affordable to buy a home for many Americans, it’s also making home purchase process more stressful. This year, perhaps more than ever before, prospective home buyers need to prepare. “It’s probably the most competitive spring housing season we’ve seen since right before the housing crisis,” said Tendayi Kapfidze, chief economist…read more here