Spring Market Update

Last month I reported that the number of sales early in 2025 were at a slightly slower pace compared to the start of last year. My theory was that the extremely cold temperatures in January and February were the cause of the slower market. With warmer weather through March, the number of sales are starting to catch up to this time last year. I'll report on this again at the end of April to confirm if it was the weather that led to the slow start in 2025 or if other concerns seem to be affecting the market.

Interest rates have fluctuated a bit over the last year, but right now they are around 6.75%. This is about the same place they were a year ago. This range may be the new normal, but some economic predictions indicate mortgage rates may decline modestly this year. This would ease the cost of borrowing and generate an increased demand for home sales.

For Buyers - The question many are considering is whether to buy now with rates in the 6.75% range or wait until rates drop a bit. My opinion is that it's best to buy now rather than later. If interest rates begin to decrease, it will lead to an influx of buyers into the market. The pent up demand will result in increased competition and in turn drive up the prices of available homes. Buying now means more selection, less competition and lower prices. And, there is always the option to refinance if interest rates drop.

For Sellers - Spring is the best time to list because buyers have the highest sense of urgency this time of year and market activity as well as the number of sales will increase through June.

Whether you are considering buying or selling, please contact me anytime to discuss how to make the current market work for you.

Happy Spring and All The Best,

Rich