In a recent article titled “Getting in the Game”, published in the Wall Street Journal, Patrick Bain, president, and CEO of The Long & Foster Companies, shares his positive perspective on the future of the real estate market. According to Bain, both January and February have exceeded initial predictions, and a narrowing sales gap adds to his optimism.

“All the economic data will tell you the economy’s strong and inflation is under control,” said Bain. “I do believe we’re going to get some rate relief in terms of mortgages in the second quarter. So I think the second and third quarters will really be on the upswing.”

This positive trend, supported by statistics, is good news for buyers and sellers who have been on the sidelines. Bain notes that mortgage applications have seen a year-over-year increase in January and February, while listings on the market have also risen compared to the previous year.

Despite some buyers’ hesitancy, Bain advises against waiting to make a purchase. He encourages potential buyers to explore creative ways available today to take advantage of what he believes is still an appreciating market.

“Gone are the days where you get a 15- or 30-year mortgage and you’re in it the whole time,” said Bain. “I think there are going to be refinance opportunities, and I don’t think the current environment should be the primary factor for whether or not someone should get into the housing market as a first-time homebuyer. Now, as things start to get better, is arguably the best time.”

Importance of Working with a Team

The Long & Foster Companies, with its own mortgage company, Prosperity Home Mortgage, and an insurance agency, Long & Foster Insurance Agency, Inc., is uniquely positioned to provide convenience and a streamlined process for clients.

Bain’s positive outlook, backed by encouraging market trends and innovative approaches, paints a hopeful picture for real estate in the coming months. Buyers and sellers may find opportunities to thrive in this evolving landscape – and Long & Foster is ready to provide them with a smoother real estate experience.

For more information about Long & Foster, or to find an agent in your area, click here.