What’s going on in our marketplace? Low inventory and low rates make it an opportune time for all.
What’s going on in our local real estate marketplace?
The long winter made things go slowly with regards to the market, but now that it’s spring, we’re finding that the market has really picked up.
Right now, there’s a really limited supply of inventory—around two months’ worth. That means if every single listing on the market today was sold and nothing new came on, everything would be gone within two months.
Two months is a relatively low number, which means that we’re in a seller’s market. That, in turn, means that prices will continue to be at an all-time high.
However, housing is still quite affordable because the interest rates continue to be historically low, even though they’ve risen over recent months by about a third of a percent.
The good news is that there’s a lot of activity out there.We don’t know what the future is going to be like, but we do know that interest rates are one of the biggest factors affecting one’s decision to purchase a home. Low interest rates make a good deal for buyers.There’s such little supply (and therefore, competition) that it would really make good sense to consider doing it now.
Of course, if you’re a buyer, interest rates are very low right now. We don’t know what the future is going to be like, but we do know that interest rates are one of the biggest factors affecting one’s decision to purchase a home, so them being low makes it a good deal for buyers too.
If you’re in the market to buy, sell, or invest in real estate, feel free to reach out to me I’d love to be able to talk with you.