Spring is in the air, and so is the busiest season for real estate! If you’ve been thinking about buying or selling, you’re probably wondering: What’s happening in the market right now? Let’s break it down.
Hi, I’m Terry Tucker with eXp Realty.
First, what is going on with mortgage rates for buyers? The Fed is being very patient about lowering the Fed Funds rate, which means that mortgage interest rates are largely holding steady. Waiting for the “perfect” rate could mean missing out on the right home. You can always think about refinancing down the road if rates dip further.
For sellers, buyers are still active, but they’re being more cautious about affordability. Pricing your home correctly is crucial to attract serious offers. Let’s talk about inventory. To date, there are more homes, but still tight.
This Spring we’re finally seeing more homes hit the market, but according to data we’re still in a seller’s market. More listings mean buyers have options but demand is still strong, especially in desirable areas. We are also seeing home prices aren’t dropping, but they’re not skyrocketing either. Most experts predict a steady 3-5% price appreciation increase this year. Proper pricing, staging, and marketing are key as a seller. Buyers, if you’re waiting for prices to crash, you could be waiting a LONG time. Act now while there are more homes to choose from and prices are steady. You can be a little more patient and wait for the right home.
Finally, how is the economy affecting the market? The current job market and growing wages are helping buyers stay in the game. However, inflation is still a concern, affecting affordability. Some regions with higher costs of living (like California & New York) are seeing slower growth as buyers look for more affordable states. While states in the south and northeast are experiencing rapid growth due to pricing. If you would like more specific data on your local area, reach out to me todayI. I am Terry Tucker with eXp Realty.
