The spring and summer months are traditionally the busiest times of year for the residential real estate market. Weather is more cooperative and many families like to move while the kids are on their summer break. But in recent years spring, for many regions, has meant more homes on the market, but also more buyers, fierce competition and an increase in prices.
The National Association of Realtors projects the 30-year fixed-rate to average 6.5 % in 2004, up from a generational low of 5.8 % in 2003. On the heels of three consecutive record years for home sales, the uptick in interest rates will offset some of the benefits of an improving economy," said NAR's chief economist David Lereah. "However, the impact will be fairly minimal because the fundamental conditions for a strong housing market remain -- a growing number of households, an improving job market and generally good affordability conditions."
If you're in the market for a house this spring, there are a number of steps you can take to try to give you the advantage over other homebuyers, including: •Consult with your REALTOR, get started early and let he or she know exactly what you're looking for. •Get pre-approved. This will give an advantage on several fronts.
