Yes today marks the final day of February and March begins a few hours from now. March is a month we tend to consider springtime and for those in the southern latitudes it certainly is. For us up above the 45th parallel it is a transition month that can be warm and delicious or cold and snowy. Often it 's a bit of both.
March however is the typical time that real estate picks up in our local market. Buyers start peeking at new listings and sellers decide it's time to go on the market. I suspect we will see activity increase over the next several weeks. Tis cycle may just be a tell about the summer months ahead.
The new administration in Washington DC is definitely stirring things up. This tends to lead to market insecurity. One way or another markets will settle down regardless of the success or failure of incoming federal changes.
I am mildly optimistic about this year's market. I feel like we will see a small drop in interest rates maybe down to the low sixes and mild appreciation. We are headed towards a 4 month supply of homes which tends to slow down the price pace a bit. I think we will see near neutral to full neutral market balance between buyer and sellers. This will lead to healthy home buying decisions as well as a more fair playing field for everyone.
Let's not get to out in front of that prediction, it is still a challenge to buy in our local market with the median price well above 1/2 million dollars, but with a plan buyers can execute and get it done.
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