We are seeing an increase in the number of houses on the market but not much of an increase. Houses that are for sale continue to sell quickly. However, change is in the air. Interest rates are very low but rising and mortgage applications are down.
Home prices continue to rise. There is so much pent-up demand that I don’t think higher prices or higher interest rates are going to slow home sales this spring and summer. Some home buyers have given up and dropped out but there are still many buyers for each home on the market.
The number of houses for sale is low nationwide at the same time that the number of Realtors is at an all-time high. Even while people were retiring early or quitting jobs during the pandemic the number of Realtors grew to over 1.5 million nationwide.
Homeowners can expect a lot of phone calls, text messages, and postcards from Realtors looking for houses to sell. There really are buyers in your neighborhood who would like to buy a house just like yours. If you are interested in selling feel free to call or write.
Working with home buyers is challenging because houses do not stay on the market for long and multiple offers are more common than not. This year’s home buyers should hold out for agents with experience.