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Hello Spring Market!
The Spring real estate market is looking very promising with interest rates decreasing and home prices remaining stable. Sellers are taking advantage of this by exploring their options for their next move. Our Spring market runs from February through May with some homes closing late summer so young families can get settled in the upcoming school year.
Compared to same time last year we've 6.7 showings per property, -21.6% closed sales, -11.9% new inventory and still a robust market with a list to sale to ratio 101.3%.
There is a high demand from qualified buyers in the market, eagerly waiting for new inventory to become available. Lenders are also offering creative loan options as interest rates continue to drop, boosting buyer confidence.
Experts are predicting that more homes will be available for sale as sellers move away from their locked in mortgage rates. Additionally, with more affordable mortgage options becoming available, demand for homes is expected to rise.
Attention Buyers: With the rise in median prices, more properties are hitting the market, offering a prime opportunity for sellers who were hesitant to sell before. To thrive in this competitive market, be prepared by obtaining a current pre-approval letter from your lender. Stay in close communication with your REALTOR® about any changes that could influence your buying approach. By taking these proactive steps, you can simplify the process and increase your likelihood of snagging your ideal home.
Attention Sellers: Now is the perfect time to list your property and take advantage of the high demand from qualified buyers. Don't miss out on this opportunity - act now before market conditions shift. Sell your property at the optimal time and maximize your return.
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