Although, it may seem like an old wives tale, the weather definitely has an impact on the housing market. The cold and snowy February’s effect is seen with low number of homes for sale and pending sales. The low inventory of homes for sale that we saw throughout most of 2018 is continuing into the early months of 2019. Last week’s number of new homes for sale is more than 10 percent lower than the same week in 2018 and for the last 3 months, we are nearly 8 lower than the same time period last yer. That shortage of inventory is driving sales prices up and making a competitive market for buyers.
Although, there is some good news for buyers. Last week also saw a decrease in interest rates. The 30 year mortgage benchmark rate had the biggest drop in nearly a decade. So while it is a competitive market for buyers, it is a great time to buy with historically low interest rates. The Fed has indicated that there will not be any large hikes in rates in 2019.
Team Lucky Duck has a lot of experience representing both buyers and sellers in this competitive market. Sellers can expect that, when priced correctly, their home can be sold quickly and close to list price, if not above the list price. Buyers reap the benefits of Team Lucky Duck’s experience and expertise to get offers accepted, even if multiple offers are on the table.
Sources: www.bankrate.com and www.mplsrealtor.com