A Shift in the Housing Market: What It Means for Buyers and Their Interest Rates

Important information about our housing market and recent changes.

As we enter the second quarter of the year, we are here to give you a market update for the first quarter. A lot has changed over the last few months, and we are here to update you so you can make informed decisions.

Most people know that interest rates have been fairly volatile over the past year and that things went back to normal, more or less, when the pandemic ended. One big thing to note, however, is that rates have dropped by a full point since October or November of last year. Therefore, if you want to refinance, let us know, as you could end up saving quite a bit of money by lowering your payment dramatically.

"There are more homes to buy, and they’re sitting longer."

In addition, our market has a little over a month of inventory, and homes have been sitting on the market for an average of 37 days. The days on market depends on the house, as some sell faster if they are beautiful or are priced well. As rates have changed, that has caused prices to change, so a lot of people are still learning how to price their homes well. This affects how fast the home will sell.

There are just over 3,000 active listings in the market right now, and each month about 2,700 go under contract. Therefore, there are homes out there for you to buy, and they are sitting longer. This means that buyers have more choices and more time, which is much better than it was for buyers a year ago. 

This information should help you get an idea of where the market is heading and how you should respond. If you have any questions or could use our help, don’t hesitate to reach out. You can call or email us anytime, and we would love to connect with you.