Buyer interest continues to increase and the industry is predicting a strong Spring market.  For those purchasing with a mortgage, there is a general willingness to accept higher interest rates although cash deals make up a significant percentage of current deals.

 

Mortgage rates have stabilized around 7% but there is wide speculated that the Federal Reserve may enact rate cuts later in the year, possibly in Q3, which could lead to mortgage rates settling in the mid-5% range by year-end.

Although inventory levels have experienced a modest increase of 3.1%, they remain historically low. This scarcity, coupled with heightened buyer activity, has invigorated the market, resulting in increased open house attendance and heightened competition particularly for properties priced competitively.

 

We believe it's an opportune time for sellers to capitalize on the heightened demand especially for move in ready properties.  Strategic approaches such as decluttering and staging help present a home in it's best light further enhancing the appeal and contributing to multiple offers.

 

If you're considering selling, we recommend you reach out for guidance on how to optimize your home's presentation, strategic pricing and other important aspect of the selling process that will translate into a higher sale price in the shortest amount of time.  As always, we're here to offer tailored advice and support.