Here’s what buyers and sellers need to know about our housing market.
What’s going on in the spring real estate market? Let’s delve into two key factors dominating the conversation: interest rates and inventory.
Interest rates are currently hovering in the mid-to-high 6% range. That’s definitely higher than they were during the market peak a few years ago, but they have softened within the last few months. While affordability may not be as favorable as it was a couple of years ago, it has improved compared to recent months. When considering purchasing a home, it’s essential to focus on the monthly payment implications rather than fixating solely on interest rates and property prices.
Meanwhile, inventory remains very low. With just under 2,000 homes available countywide, buyer options are limited. That being said, the inventory shortage is very different depending on the neighborhood and price range. High-quality properties offered at fair prices continue to attract multiple offers, highlighting the underlying demand in the market.
“Buyers may want to act now before demand increases. ”
For buyers, this market is a bit of a mixed bag. There’s still competition, but it may get more intense as interest rates continue to soften. Additionally, there’s uncertainty surrounding the trajectory of interest rates, with no guarantees of a significant decline into the 5% range. Delaying a purchase decision could result in paying higher prices down the line.
On the other hand, this market is great for sellers. With minimal competition, well-presented properties priced appropriately can garner significant attention from eager buyers. The heightened demand for high-quality properties further enhances the prospects for sellers.
Ultimately, the decision to buy or sell a home comes down to your individual goals and needs. If you need help navigating this market, don’t hesitate to call or email me with any questions. I am always willing to help!
