With the onset of Daylight Saving Time, the times have changed, and so has the spring market.
There are currently 44% more homes on the market than there were last year at this same time, increasing from 4,420 to over 6,000 homes. Overall, demand for housing has picked up, rising 91%.
A big portion of that increase can be attributed to our interest rates, which are directly entangled with housing demand in the market. Interest rates peaked during the worst time in 2018—right around the holidays, rates hit 5.05%. As of this video recording, rates are only at 4.45%.
What does this mean for you?
For buyers, it means you have 10% more buying power than you did just four months ago.
For sellers, it means that your home is a little more marketable and, more importantly, more affordable to potential buyers at the same time.
We can’t say for sure what will happen this year, but we do expect that market times will continue to decrease as spring approaches and that inventory will continue to grow. The current average days on market is 140 days, which means we’re in a different market entirely compared to last year.
In past years, there was a quick run-up of multiple offers on every home, but these days, you’ll need to be a little bit more selective: Market aggressively, but also be sure to price your home in a way that will get the most attention from buyers in the shortest amount of time.
No matter if you’re looking to buy, sell, or invest in real estate this year, feel free to reach out to us. We’d be happy to provide you with all the information you need to make the right moves.