Spring Market

A low down on the current and upcoming Spring Market for buyers, sellers, interest rates, and more.

Even though it's pretty much impossible to predict the mortgage rate and housing market's future. The spring market never seems to fail being busier than the winter months.

Interest Rates.

With the rise in interest rates, we have seen somewhat of a flat line on housing price increases. As I'm sure you've heard it before, "marry the house. date the rate". You may be tying yourself to a home, but you may very well be able to re-finance later. We also sometimes need to be reminded, between April 1971 and January 2023, 30-year fixed-rate mortgages averaged 7.75% according to Freddie Mac.

Cost of Living

The cost of living has gone up 6.5% since last December according to 'Rocket Pro Insight'. Rent will be one of the last things to come down from inflation, due to only being able to negotiate rent once a year for most places.

New Construction

The number of new builds were nationally down almost 8%, which is why builders are currently offering incentives. I always suggest working with a realtor when building, we can help you shop around with different builders, and we are looking out for you in the process making sure you are getting the home of your dreams on good terms.

Housing Prices

We have seen somewhat of a flat line on housing price increases due the rise in mortgage rates. Nationally the median price of new homes was down 3.7% according to 'Rocket Pro Insight'. This is good news for buyers!

Buyers

BUYERS, this does not mean that it's a bad market for you. In today's market we are seeing more seller concessions (sellers and builders offering money towards closing costs, upgrades, etc.) 10k in seller credits can lower a buyer's monthly payments by $161.

Now is a great time to start looking, this spring we will see more buyers coming into the market, which means more competition.

Sellers

From December to January the number of homes on the market went down, which means two things.

1. Homes are selling faster than they are coming on the market and inventory is still low and the pool of buyers is bigger than the pool of sellers.

2. Now is a good time to list your home before spring when the more homes hit the market! However, spring typically brings more buyers as well so talking with a realtor about your options and goals now even if you plan to list later is never a bad idea!

Appreciation was crazy high over the last couple years for homeowners, we sometimes forget! https://www.teralorrai.com/my-home-value/ Sellers if you're curious what your home is currently worth, I can run a FREE CMA for you, or you can get a quick price report on my website above!

Talk Strategy

Talk strategy with your realtor, or if you don't have a realtor, I am happy to help! This a good time to start going over your home goals and decide what move is best for you!