Spring Season, Rising Rates Driving Buyer Traffic
Spring Season, Rising Rates Driving Buyer TrafficApril 11th, 2018 by repeggy
Spring is always a big season for real estate. Buyers come out of their long winter hibernation, check that they didn’t see their shadows, and agree all together that it’s time to shop for homes. The weather is nicer, flowers are blooming, and front yard marketing pictures of listings are looking great. Buyers also know it takes time for their home search and closing process, and many want to be moved in and settled over summer, before schools start in fall.
March is typically a key month for sales and often sets the tone for the rest of the buying season, and this March was a strong one for buyer traffic. According to agents surveyed across the country, buyer traffic is up, and we all know home sales have been strong.
Agents are saying that the spring season isn’t the only thing driving traffic. Fears of rising interest rates are motivating a lot of people to make their move now before rates go higher. After reaching 4-year highs recently, rates actually eased a bit the last couple weeks (a 30 year fixed averaged 4.40% as of last Friday), but everyone feels that they’re going to rise – it’s just a matter of when, and how fast.
With rate increase fears, pent-up winter demand, and competition for low inventory, this spring is a fantastic time to list your home for sale. Smart sellers and agents are taking advantage of the season and buyer urgency to sell at great prices and are reaping the rewards (as we talked about in our last blog about recent seller profits). If you’re thinking of selling your home this spring you should talk to us today! Or maybe you’re planning to make a move and are about to begin your search? Contact us for help with any of your real estate needs!