Where we are currently is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers. There are currently more active listings and pending sales than this time last year. We’re also seeing a lower average cumulative days on market (DOM), meaning the demand is still there and homes are selling quicker than this time last year.
After what feels like forever, we’re finally seeing some relief as mortgage rates have trended downward in the past few months. Many experts are already calling for rates to go into the low sixes and high fives by year end, but I believe it could happen sooner, as early as the end of May. If you’re holding out for rates to hit the 2-3% range we saw in the ‘Unicorn’ years of 2020 and 2021, you could be waiting for quite a while. That’s unlikely to happen anytime soon. Seize the opportunity now. This year is already starting off on a better foot and there’s tremendous opportunity for those who seek it!
As the spring market blooms, seize the opportunity to achieve your real estate goals. Whether you’re searching for your dream home, considering an investment property, or selling your current residence, I’m here to assist you in realizing your real estate aspirations.
If selling or buying a home is one of your real estate goals this year, contact me. If it’s not the right time for you, please let your friends and neighbors know! I welcome your referrals and welcome the opportunity to give your friends and neighbors the same premier experience you’ve had. Please do not hesitate to reach out if you have any questions or if there’s anything specific you would like to discuss regarding your real estate portfolio.
Jeff Lesley, Century 21 Vanguard
JLesley(at)WilmingtonC21(dotted)com
Cell: 910.297.7071