Spring Market Update
Mortgage Rates, Inventory, Investment Projections, & More!
As we enter the traditionally busy Spring market, many home buyers and sellers are wondering what they can expect in terms of inventory, mortgage rates, and investment projections. After nearly a year of high interest rates, high housing prices, and limited listings inventory, buyers and real estate brokers have been looking forward to Spring, when a flurry of new listings typically comes on the market.
However, this Spring has been anything but typical, and inventory has remained low through the start of the season. High interest rates typically drive down home prices, but limited inventory has prevented that trend. We have entered a bit of a stalemate between buyers not able to meet high asking prices and sellers not willing to sell for less, or not willing to sell at all if it means giving up low interest rates secured in the past two years.
It is understandable to feel concerned about the current state of the housing market, but it is important to focus on the facts and not become discouraged by sensationalized news headlines. Nationally, the number of home contracts being signed and overall listing inventory, though down year over year, have actually been on par with pre-pandemic levels. It can be difficult to remember that high interest rates are in place to protect buyers from unsustainable home price growth. Pursuant to those goals, mortgage rates have been successful at slowing growth and inflation without causing any rapid price devaluation. With the guidance of a knowledgeable real estate agent, buyers and sellers can navigate the market and find success despite these obstacles.
As a seller in today's market, it is critical to price your property correctly. The right properties, priced strategically, fly off the market and even experience bidding wars reminiscent of our pandemic market. Homes that are priced too high can sit on the market, overlooked by buyers who are focused on accurate valuations. For buyers, flexibility and speed are essential. Get pre-qualified for a mortgage rate to help boost the strength of your offers, consider strategies that will allow you to search for longer than you initially planned, and be prepared to move quickly on a property that meets your needs.
Whatever your goals are in today's market, our most emphatic recommendation is to have a seasoned, expert agent at your back. This market still has lots to offer, and our recent clients have scored incredible deals on new home purchases, while sellers have received multiple offers within days of listing. The right agent can make all the difference in a home transaction, and it would be our honor to assist you in your home sale or purchase. With 4 Best Of Clark County awards, hundreds of 5 star reviews, and over 23 years of experience, you can rest easy with our team knowing that every single detail of your home transaction will be catered to. We encourage you to give us a call so we can sit down and discuss how to achieve your home buying and selling dreams. Or contact us for a commitment-free, complimentary home market analysis to understand how your home investment portfolio has done in recent years.
Rowena Lusby
(360) 909 - 6399
Rowena@GoWithRo.com