Update: How's the Market?
March is here and spring is right around the corner. As we near the end of the first quarter of 2023, interest rates and inventory have been on everyone’s minds. With all of the headlines and often contradictory talk about the market, it is important to stay up to date on the facts.
We have seen rising interest rates over the last few months, but many experts believe these are beginning to level out. More importantly, consumers are growing accustomed to these changes in rates and are reentering the market.
As we head into spring, inventory will continue to be the driving force in the market. Inventory levels remain relatively low, and homes are still accruing equity and selling at higher prices than we saw in pre-pandemic years.
Though some fear that current market conditions will bring about a housing crash, this is not supported by data. Buyers now are more qualified than they have been in the past. And, the equity many homebuyers have accrued has given them relief from possible foreclosures, resulting in the lowest foreclosure rates that we’ve seen over the past three years. We are nowhere near the average of years past, nor are we looking at a crashing market.
If you have any questions regarding market trends or if there is anything I can do to help you achieve your real estate goals, please do not hesitate to contact me.
