With no clear bottom on how low interest rates would go, housing demand exploded in 2020.
Now, as interest rates begin to turn course, the market is shifting and more sellers are entering the real estate arena.
A recent survey points to the changing landscape. While the number of people thinking of buying a home increased by about 5 percentage points, the rise was even larger among those who are ready to sell. In March, positive seller sentiment reached 62%, up by 6 percentage points in February. The percentage of people who believe it’s not a good time to sell also dropped, boosting the net share of positive seller sentiment by 13 percentage points in just a month-long span.
With a recovering economy in the backdrop, consumers are finding their swagger. Their optimism also coincides with the traditional spring home-buying season, a combination that is sure to get things moving.
While consumer confidence isn’t quite where it was before the pandemic, it’s certainly trending in the right direction. Yet, consumers make no illusion about the road ahead. Many of them expect home prices to increase even more over the next year despite an apparent surge to housing inventory.
Nevertheless, as consumers earn bigger incomes and job prospects improve these days, it’s easy to see why so many people are prepared for their big move.
If you’ve been thinking about selling your home and buying another, we can assist with both transactions.
Selling and buying a home doesn’t need to be challenging or overwhelming. Our team of real estate professionals can guide you through both processes in a manner that meets your goals and timeline.
It’s an exciting time in the real estate market: Home values are on the rise, interest rates remain relatively low and consumer confidence holds strong. Now can be the time to take advantage of these favorable conditions and your strong position. It’s possible to earn top dollar for your investment, wiggle back into the real estate market and come out on top.