Spring and early summer are usually real estate’s busy seasons. More homes go up for sale and buyers typically have more choice.
But there’s been nothing usual about the past 15 months.
The pandemic upended normal homebuying patterns last year and into 2021. Fewer sellers put homes on the market and higher prices for materials like lumber meant homes cost more to build. All that resulted in a pricier, more competitive market this spring.
While that’s a boon for people who do decide to put their home on the market, it’s stressful for buyers who may want to take advantage of mortgage interest rates that, while up slightly in recent weeks, are still hovering near historic lows of about 3% for a 30-year loan.
So is there a better season to buy?