Buying a Home

CNBC: Rising mortgage rates could mean even fewer homes for sale this spring

With fewer homes for sale, potential buyers can expect a competitive market in 2018.

Many real estate experts consider Presidents’ Day the start of the busiest season for housing. According to a recent CNBC article, 2018 is starting off with 10 percent fewer homes for sale compared to the previous year, with hotter markets having 40 percent fewer homes for sale according to Zillow. With rising mortgage rates, the market will continue to become more competitive.

"The market is starving for new homes, but it won't be easy for builders struggling with high and rising land, labor and lumber costs," said Aaron Terrazas, senior economist at Zillow. "Aging millennials and young families may be able to find more affordable new homes for sale this year, but they'll most likely be in further-flung suburbs with more grueling commutes to urban job centers."

Homebuilders are trying to keep up with the demand, but the high cost for new homes doesn’t make them any more attractive to potential buyers.

Click here to read the full article.