The real estate market is constantly fluctuating based on many different factors. In this video, I discuss some of what the trends are from the first quarter heading into the second quarter coming up. A few of the main points are:
- Interest rates are rising. The days where a 3.25% fixed rate was common have come to an end. 5, 10 & 15 year arms are becoming more popular as the rates are typically lower. We expect to see rates continue to rise, especially in the next two weeks. This is having an effect on buyers in that while many were waiting, they are now feeling the pressure to buy so they can get rates while they're still relatively low.
- Inventory is at an all-time LOW. This is actually country-wide. We're seeing a lot of multiple offer situations in the less than $750,000 price range. Buyers are having to be creative and competitive with their offers.
- Rising interest rates + Pressure on the market from buyers COULD = Prices to likely increase