Now that the first quarter of 2019 is in the books, what’s the state of our current market?
First, let’s talk about our housing inventory. With just two to three months’ worth of available homes, we’re still facing a bit of a shortage. Since a balanced market constitutes four months’ worth of homes and we’re still below that mark, we’re in a seller’s market. Because inventory is low, we’re seeing multiple-offer situations pop up in competitive price points.
As far as interest rates go, 2018 was an interesting year. We expected them to rise multiple times, and they did rise at the end of the year, but they dipped back down again at the beginning of 2019 and gave buyers renewed confidence.
If you’re a buyer, this means you need to have a pre-approval in hand and be ready to make an aggressive offer the moment you find your dream home. Also, make sure you have all your questions for the seller ready so they can be answered up front. If you need to sell your home first, make sure you meet with a great listing agent and you establish your intended list price.
If you’re a seller, you need to have your home photographed, well-presented, and fully marketed so that you can find the buyers who will pay the most for it.
If you have any more questions about our market or you need help buying or selling a home, don’t hesitate to reach out to me. I’d be happy to help you.