The Spring Market is here and it’s looking rosy!
As the flowers grow up out of the ground (along with home prices and inventory) interest rates are headed in the other direction. We are now looking at rates in the mid 6’s and if you have earned the right to go VA you might have a rate starting with a 5! Speaking of mortgages, 31% of all loan applications last month were for refinances. Why, since rates haven’t come down that much? Most are for cash out to pay down revolving debt. I’ve blogged repeatedly about the historic levels of credit card debt and that continues to be a factor to monitor.
Inventory has risen to 2,249 units, which is up 5.9% from last week. This is in keeping with normal increases for this time of year and still well behind pre-pandemic levels. There were 671 sales last week, which is up from an even 600 the week before. So yes the spring market is moving out! Cuts in government jobs continue to impact individuals in real ways, but not in the wider market as I have noted previously. This is unsurprising given the totality of the numbers and the supply and demand imbalances that continue. As the spring market evolves there are more choices out there for buyers, so it really is an improving time to be in the market whether you are a buyer, seller, or more importantly both. As always you can call me with any real estate needs and I’ll be happy to assist!
It’s a good life.
Chris
