The market has shifted yet again, and it’s looking a lot like last year.
Did we just step into a real estate time machine? The market is extremely dynamic—it’s constantly shifting and changing. We had an extremely aggressive market in January 2022; then, everything hit the brakes as we saw interest rates shoot up and we entered the holiday season.
Roughly three weeks ago, however, we began to notice another market shift. We’re starting to see multiple offers again because inventory is still historically low. The good news for buyers is that it isn’t as low as last year, meaning buyers still have more options, but supply and demand are still kicking in.
Buyers are also starting to get comfortable with the level of interest rates and their new monthly payments. They’re recognizing that rates aren’t likely to get much lower, so they’re letting life necessities drive their choices again.
The spring market is here, buyers are out in full force, and the best homes are selling faster than they were four or five weeks ago. For buyers, this means it’s time to connect with an agent, connect with a lender, and start strategizing to go after what you want. For sellers, it’s important not to let this market go to your head. You can’t overprice your home, and it’s essential to prepare your home to give the buyers what they want.
Remember, if you have questions about this topic or real estate in general, please reach out to me. I am here to be a resource for all of your real estate needs, so call or email me anytime.