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This Spring, Expect Higher Home Prices

MAR 9, 2016

As winter draws to a close, homeowners coming out of hibernation are looking for new homes. And those who sleep too late can expect to pay top dollar for the house they want.

Buyers are anticipated to outnumber sellers this spring, creating a shortfall in inventory that is driving up asking prices, says Lawrence Yun, chief economist for the National Association of Realtors, or NAR.

“Given that prices are rising, more people will be pushed on the borderline of conventional mortgage limits and may need a large down payment or a jumbo mortgage,” Mr. Yun says. Jumbo mortgages have limits higher than conforming loan limits of $417,000 and up to $625,500 in some high-priced areas.

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