The homebuying season this spring is expected to be the best the country has experienced in years, according to economists, with some markets paving the way for the for-sale housing market to recover after long struggles.
Reports from the National Association of Realtors and other sources suggest home sales may have already begun to accelerate, earlier than might have been expected given the trends of recent years. USA Today reports that some industry analysts believe the weather may have caused the homebuying season to start early.
The turnaround of the single-family market may be limited by a number of factors, including tight mortgage lending and limited financial resources. Stronger interest in such homes could cause more Americans to consider renting them, an approach that may grant some advantages many associate with homeownership as well as the benefits of renting.
Experts told the news source that national averages and data may be confusing to some, with strong regional variations expected as different markets operate at varying paces. Prices may drop in some areas like Florida,?Colorado and California while others like Washington, Texas, and New York benefit from economic recoveries that are further along, and limited inventories may cause price increases as well.
Even with stronger home sales, the conditions are likely to remain favorable for rental managers, although some areas might see diminished interest in rental housing. Some experts believe that the shift toward renting will be more permanent.