Friends on a powder day

Our market is emerging from its winter hibernation. New listings are coming up for sale, and buyers are calling their agents to see them. That’s not surprising since spring is a month away. Wait, what?!

What I’m seeing:

There’s pent up demand. A lot of buyers are waiting on the sidelines for rates to stabilize or drop. My lender colleagues reported mortgage applications increased when interest rates dropped. All eyes are on the Fed, waiting to see what happens.

The fundamental drivers of home buying and selling are still with us. Those going through life events, like getting a divorce, changing jobs, having babies, becoming empty nesters, relocating, or losing a family member, are the primary ones moving right now.

Not enough sellers are listing their homes. Inventory remains low. This continues to keep pressure on prices. It also means the inventory challenge isn’t going away anytime soon.

We’ve been experiencing price adjustments since rates began rising last spring. Nearly all buyers are negotiating price and terms. This feels more balanced to me, where buyers and sellers work together to get to the closing table.

We’re in a market right now with a high degree of variability--right down to street level.