Quarter 1 (Jan, Feb and March) show market trends likely to continue: As interest rates hover around 6.81% for a 30 year-fixed rate, many homeowners locked in at a lower rate are reluctant to sell and buy their next home (with a home loan), which affects inventory levels. What can help buyers? Some lenders are offering lower rates on shorter term loans such as an Adjustable-Rate Mortgage (ARM) at 5.68%.
Finding the “Right” property may mean getting a house that has good bones, but needs some updating, most likely in the $30k–$90K range, which is not for the move-in ready buyer, but with a little sweat equity, you can build the house with the beautiful upgrades you choose.
Houses that over-priced or have some other market defect are taking longer to sell (DOM) Days On the Market. The Quarter 1 infographic above show selling prices are slightly up from last quarter (Did we hit the bottom?), but with less inventory to pick from. These trends are likely to continue unless interest rates suddenly drop or we get more inventory which is highly unlikely. Give me a call to strategize this current market and check out target properties!
