Spring Is Here...and So Are Supply and Demand Issues
Greetings to all of you! I hope you are thoroughly enjoying our shift into Spring. It’s one of my favorite times of the year in this beautiful area we are fortunate enough to call home. As I mention in my Market Minute, just like the shift from Winter into Spring, a lot has changed in the housing market over this past month. Coinciding with our area’s typical cyclical slow down, rising interest rates and declining home values put a hard pause on the market in the latter half of 2022. But with Winter’s thaw, has come an absolute heating up of the housing market. While buyers who were waiting for more inventory may be pleased to see an uptick in listings, they may also be disappointed to experience the return, in many cases, of multiple offers and price escalations.
Whether consumers have accepted the new reality of higher mortgage interest rates, are move confident in their employment status, or simply recognize that despite periodic market shifts, owning a home over the long-term builds wealth, buyers are back. And, due to our region’s sustained lack of inventory, we can expect the unfortunate consequence of the supply and demand dynamic – namely stiff competition leading to multiple offers and rising prices – to come back into play. And they are. But while the delta between list price and sold prices are not as significant as they were in the height of the market affordability remains a challenge.
So, if you’re currently renting and want to make homeownership a priority this year, reach out today so we can determine a strategy to help you achieve that goal before competition continues to increase. And if you’re thinking of selling, know that buyers are out there and there are simply not enough homes to meet the demand.
If you have any questions about this year's housing agenda, feel free to reach out. It's something I'm truly passionate about, and I would love to talk with you further.
Call/text or email me anytime! ginam@windermere.com.
