Just like our clocks this weekend, the housing market will soon “spring forward.”
Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.
According to industry resource Keeping Current Matters (KCM), many potential sellers believe that waiting until Spring is in their best interest.
Buyer demand has a seasonality to it. Usually, it falls off in the winter months, especially in areas of the country impacted by colder weather.
But, that hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have stayed at near historic lows. Even with an increase in rates predicted for 2019, buyers are still able to lock in an affordable monthly payment. Buyers are also increasingly jumping off the fence and into the market to secure a lower rate.
The National Association of Realtors (NAR) recently reported that in 2018, the top 10 dates that sellers listed their homes all fell in April, May, or June.
So, those who act quickly and list now will benefit from additional exposure to buyers.
We’ve been busy with buyers the last few weeks and have put several homes under contract at very competitive prices.
If you’re planning on selling in 2019, now is the time to act while demand is still strong and buyer options remain somewhat limited.
Please contact us via the comment section or by calling 508-568-81981 to discuss your options and timetable. We’re happy to answer your questions.
According to the Cape Cod and the Islands Associations of Realtors (CCIAOR), January’s government shut down had an impact on home sales for the first month of 2019.
According to preliminary data released CCIAOR, 267 homes sold in January, 229 single-family homes and 38 condominiums. Median sales price was $395,000 for single-family homes and $270,000 for condominiums. Last January, 326 homes (260 single-family homes and 66 condos) sold at a median price of $406,500 for single-family homes and $241,250 for condominiums.
New listings in January for single-family homes were 171, and 47 for condominiums. This is a 23.9 percent increase, and a 6.8 percent increase respectively, from last January, which had 138 new listings for single-family homes and 44 new listings for condominiums.
CCIAOR said that the drop in closed sales likely reflects the impact the federal government shutdown had with buyers and sellers not being able to verify or get tax documents, causing delays in closings and in the processing of some loans.
And finally for the latest news from the financial world and how it’s impacting the housing market, please check out The Markets in a Minute from our colleagues at Residential Mortgage Services (RSM)
Enjoy your week.
Mari and Hank