Realtor.com Chief Economist, Danielle Hale talks spring housing trends

Realtor.com released its report on Spring 2019 Housing Tips and Key Housing Trends on Thursday, April 25, 2019. Realtor.com Chief Economist, Danielle Hale shares new survey data that illustrates what home buyers and sellers can look forward to during this peak home buying season!

The 2019 spring buying season is expected to be characterized by rising home prices, a moderate pace of home sales, and modest inventory growth, according to new survey data from Realtor.com

Here's some of what buyers can expect this spring:

-Home shoppers this spring will struggle with their budget

-Affordability will be a major hurdle for many buyers this spring -Shoppers expect less competition overall as more inventory continues to hit the market nationwide -60 percent of shoppers have been looking for a home for seven months or more

-Home Shoppers Remain Optimistic but Believe a Recession is on the Horizon

-Nearly 70 percent of home shoppers this spring think the U.S. will enter a recession in the next three years -41 percent remain optimistic that housing will fare better than 2008 -A majority of shoppers believe home prices have hit their peak

-Spring Home Buyers Eye Homes in Need of Renovation

-Nearly 60 percent of 2019 home buyers are considering a home that needs renovations -95 percent expect a renovation will result in a positive return on their investment J-ust over half of home buyers are willing to spend more than $20,000 on the renovation

Key Housing Trends for 2019

Mortgage rates are down to just over 4 percent, but are expected to drift back up around 4.5 percent as the economy continues to grow Home prices are forecasted to grow nearly 3 percent over last year Homes sales are expected to continue to be soft, dropping 0.3 percent compared to last year Millennials are expected to be the No.1 generation purchasing homes

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