The spring home buying season is right around the corner and strong data indicates it will be a healthy period. New residential sales in December 2015 were up just over 10% from November, and existing home sales in January hit their highest annual rate in six months.
Data from LendingTree (TREE) shows that the most popular months for mortgage requests are March, April and May.
In a new survey from TD Bank (TD), close to 20% of first time home buyers are looking to purchase this spring. Two-thirds of those surveyed would also like to put down a down payment of at least 20%. Chris Copley, regional sales manager for TD, says he expects a significant increase in home buying this spring.
Copley notes that while Millennials in the past have faced the down payment barrier to homeownership while paying off student loan debt, they are now at the age where they’re getting married and forming dual income households, and thus more inclined to buy a house.
Mortgage rates are still low, the market is full of opportunity, people are ready to buy – all signs point to it being a great spring season.
(Courtesy of Fox Business)
Published on 2016-03-01 13:18:27
