What every buyer and seller needs to know about the spring market.

What’s the latest news about the spring market? Things are starting to heat up with more inventory coming on the market. In the third and fourth quarters of 2022, buyers stopped purchasing, resulting in homes sitting on the market for quite some time. As a result, sellers pulled their listings off the market. However, now they’re reconsidering and preparing to list their homes again.

Despite the market’s revival, buyers still face significant challenges. Firstly, inventory remains low, and secondly, interest rates are increasing. Although interest rates dropped from 7% to approximately 6% following the third and fourth quarters of 2022, they have since increased to around 6.6%. Listings are currently rising, but inventory is still 41% to 44% lower than pre-pandemic levels between 2017 and 2019.

“Buyers still face significant challenges.”

Therefore, if you are considering selling your home, it is an excellent time to get it on the market. Multiple offers are already coming in, and many buyers are willing to pay above list price due to the low inventory. Keep in mind that people require a place to live, and rents are presently more expensive than purchasing a home.

For buyers, I recommend beginning your search as soon as possible, considering the low inventory. For sellers, it is best to start preparing your home for sale, such as painting and fixing flooring. If you are considering selling or buying, please do not hesitate to call or email me. I’m happy to help.