Here’s what’s happening in our real estate market as we head into spring.
What’s happening in real estate? A lot is going on in the world right now, and inflation is increasing. Today I want to highlight a few key points about our current housing market.
For a brief overview, I don’t believe we’ve felt the full impact of global events on our real estate market yet. Interest rates have been fluctuating, but it looks like they are steadily increasing. Inventory is also at historically low levels. We currently only have one month of inventory, so if no new homes entered the market, we would completely run out of supply in just one month.
“If you’re a seller, this is one of the best times to list your home that I’ve ever seen.”
The good news is that we’re entering the spring market. More homes are being listed, and more people are buying. On top of that, institutional buyers are playing a big role in our market. Approximately one in four homes are purchased by an iBuyer right now, so buyers need to prepare for a tough market if they want to win a house.
If you’re a seller, this is one of the best times to list your home that I’ve ever seen; there is a ton of pent-up demand. Meanwhile, buyers need to take a few important steps to stay competitive. First, get fully underwritten with a local lender. Next, find an aggressive real estate agent to represent your interests.
Over the next three months, I don’t expect any major changes in our market. Inventory may increase slightly, but demand will increase as well. Unless global events escalate, we should not see an immediate impact on our local market. However, I’m keeping my eye on what’s happening, and I’ll let you know if anything changes.
If you have questions about today’s topic or anything else, please call or email me. I look forward to hearing from you!