Those who are looking around for homes for sale now find fewer homes on the market. There just aren’t many For Sale signs around. Available housing inventory remains low. This is a very unusual spring real estate market.
People in the winter and tell me that they will wait to list in the Spring. That’s typical. So what’s making the different this year? Why aren’t people listing?
What’s Going On?
You guessed it – interest rates. People are unsure of what will happen in the near future. Realtor.com cites a recent survey where 82% of people looking to buy and sell feel that they are “locked in” by their low mortgage rate. Further, that survey states 56% of people who are planning to sell in the next 12 months say they are waiting for rates to come down.
Because interest rates are double what they were last year at this time, that has caused concern for people using mortgages. Many people say they will wait and see what happens.
Typical Spring Market
“The spring season is typically accompanied by a thaw in the winter housing market,” said Hannah Jones, a Economic Data Analyst for Realtor.com. “Historically, both buyer and seller activity picks up as the weather warms and sellers approach the Best Time to Sell, the week that historically sees the best combination of buyer demand, time on market, price and competition.”
“As high prices and elevated mortgage rates continue to stifle buyer activity, this spring’s market is expected to be toned down relative to the last couple of years,” Jones concluded. “However, the housing market remains undersupplied, so well-priced, well-maintained listings are likely to draw buyer attention.”
Sell Now
Keeping Current Matters states the worst home price declines are behind us. Andy Walden, Vice President of Enterprise Research at Black Knight, says, “Just give months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Fast forward to March, and the situation has done a literal 180, with prices now rising in 92% of markets from February.”
KCM states sellers do not have to put their needs on hold any longer because the latest data shows a turn in your favor. For buyers, KCM states buying now lets you make your move before home prices climb more and gives buyers the chance to own an asset that typically grows in value over time.
Stand Out!
So what might that mean for you? Are you interested in moving? If you are, this this is absolutely the best time to set yourself apart from the rest. Buyers have fewer options and your house will have the most exposure now, especially when you price it right.
Let’s talk. Contact Tucker Benner Realty, LLC today to weigh your options. You can call or text 231-730-8781.
Marilyn Tucker
