Mortgage Rates are a Wildcard. Buyers who have been on the fence were encouraged in the first part of the year when mortgage rates fell. This shows us there is still pent up demand for homes. However, with the fluctuation of rates in recent weeks, all eyes will be on the Feds to see how they respond. Prices are predicted to remain relatively stable.
Although inventory tends to increase in the Spring, experts predict prices will continue to stabilize since inventory levels are still considered low. According to Aaron Kirman, founder of Christie’s International Real Estate, “We are still seeing market volatility as interest rates fluctuate but I think prices will remain close to stable since we still have a lack of inventory.”
Although we will see a busier spring than winter, some sellers are choosing to remain in their homes unless they absolutely have to move. Some sellers are hunkered down, hoping for interest rates to drop before their next move. This contributes to the low inventory.
My last several clients have had success buying new builds. We may find the perfect new build for you too. Depending on the stage of construction you may have to wait a few months to close and move in. So let’s work that into your plan. Call me and let’s get started! I’m your community market leader Sherri Echols, a helping hand for a happy home.
