The housing market continues to favor sellers, and that will likely remain the case for the foreseeable future.
For buyers, the market remains highly competitive. Low inventory and high demand are leading to bidding wars and higher home prices, as well as an increase in multiple offer situations and a sharp decline in days on market from February to March.
However, numbers across the board show the market is cooler than this time last year, when interest rates were much lower. Higher interest rates will always have a significant effect on the market, both impacting buying power and keeping homeowners, most of whom are paying much lower rates on their current mortgage, in their homes unless they have to move.
Expect activity to continue gaining momentum, even in the slower areas, over the next several months, as March through July is the seasonal busy period for the housing market. Interest rates will temper that, though, and keep us below the craziness we experienced in the past few years.
This post-pandemic housing market is starting to look more like it did prior to 2020, but will continue to present things we have not seen before. While some have predicted a market correction or downtick, the market has shown an historic resilience, even from the greatest fluctuations in the market.
Navigating through it all successfully will come down to knowledge, creativity and lots of patience. This starts with having a great team of trusted advisors around you — from your financial advisor to your lender to your Realtor.
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If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.
