The housing market has been crazy over the past few years. While there have always been periods of ups and downs, buyer’s markets and seller’s markets, the frenetic pace and swings since the start of the pandemic have had everyone on edge.
Now that interest rates have climbed back to more “normal” levels, those in the market are wondering, “What’s next”? For anyone interested in buying or selling real estate, it can feel like a guessing game. Is it the right time to sell? Can I get the best price? Should I buy a home this spring? Will interest rates go up, or down? It can feel overwhelming. Yet, there are signs that can help consumers make the right decision for themselves and their families. As the spring season starts, there are signs that indicate a strong real estate market.
New mortgage applications are rising again. Indicating buyers are starting to look at their options. After a long period of rising home mortgage rates, the last few weeks have seen a small downturn, and buyers are moving to lock in these lower rates. This is also good news for sellers. With more buyers on in the market, they can expect better activity and higher home prices. The key for both buyers and sellers is to keep their expectations reasonable.
Experts do not expect a large rush of either buyers or sellers flooding the market, so this sprint looks like an opportunity to slow down a bit, weigh options, and make a solid transaction, without the pressure.
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