Spring Has Sprung
Spring has sprung and so have home prices!
We had fewer new listings than last March and more active inventory this time around. This leads me to believe we have seen a small dip in buyer activity. That’s to be expected with prices & rates where they are right now. By no means does this mean the “bubble is popping”. If you remember, last year was extraordinarily crazy and we were kind of hoping we didn’t have repeat.
We definitely need to keep our eye on the rate hikes coming down the line. We already saw one from the Fed in the first quarter and interest rates have been steadily climbing ever since. It’s going to be a very interesting year for mortgage lenders. With the competition out there, and appraisers tightening, deals are getting more difficult than ever to get across the finish line. Spring and early summer will continue on this upward trajectory; however, I have to believe we will see a plateau in prices once we reach the ‘dog days of summer’.
If anyone wants to catch an Aces game, let me know! Get out and enjoy this gorgeous weather!