This is a monthly contribution to the Blog by local realtor Doron Weisbarth.
Early spring buds are starting to pop here and there, and with them they signal the arrival of the spring real estate sale season. As in many years before, the number of new listings is increasing slowly. These homes then get snatched by hungry buyers, who are pouncing on almost every opportunity
that crosses their path.
With the number of buyers being extra high at the beginning of every year, and the number of homes available for sale being extra low at the beginning of every year, prices tend to rise sharply. You’ll notice that the inventory is particularly low, and that the days on market declined even more (can they even get any lower?). The first quarter of every year is particularly for buyers, while the sellers are always very happy.
As we move into the second quarter, the market will start to become more manageable for buyers, yet still very profitable for sellers. Don’t expect prices to drop – the high demand will keep them up there. But the rate of appreciation will slow down a bit. And with interest rates inching up (including the primer rate), some of the craziness in this market will dissipate.
You can see March’s full report at www.phinneywoodhomes.com
Have questions about buying or selling a home? Need some handholding to help you navigate this crazy market? Call Doron for a free, no-obligation consultation. You can reach me directly at 206-779-9808.
