Summary
The spring homebuying season is usually busy, but recent years have seen a slowdown due to high home prices and mortgage rates. Redfin and Thumbtack surveyed experts to give advice to buyers on how to navigate the current market, which involves understanding home conditions, competing effectively, and taking inspections seriously.
Key Facts
- The spring season traditionally sees high activity in the housing market.
- Since the pandemic peak in 2022, home sales have slowed because of high prices and mortgage rates.
- Redfin and Thumbtack surveyed real estate pros to offer advice to homebuyers.
- Buyers should look for potential problems in homes, like cracks or water damage.
- Strong odors and roofing issues are often missed during home tours.
- Key strategies in competitive markets include offering fewer contingencies and being prepared for all-cash offers.
- Some areas remain highly competitive, like parts of the Northeast and West Coast.
- In slower markets, buyers might negotiate better prices or terms if a home sits unsold.
