NAR March Housing Minute

The trends continue...Home prices rising, inventory flat or decreasing and mortgage rates on the rise.  If you are thinking about selling in the short term, now is the time to start testing the market. 

Buyers will continue to flood the market until they become frustrated by lack of inventory, until price increases outpace demand or until interest rates make a purchase intoa negative long term investment.  Baby Boomers and millennials are the largest segment buying homes right now, but Generation X is not far behind. 

Listings are down 8.1 % from this time last year.  If you are seller, especially in the $200,000-$450,000 range, this means a great opportunity.  If your home is priced right, you will have the opportunity to see a wave of qualified buyers knocking on your door.  Yes, prices will continue to rise in this market.  With demand high and prices rising we are seeing an increase in bidding wars.  How long will prices continue to rise?  Nobody knows for sure and we certainly don't want to be get to a point where we wait too long.  Ask the home owners who were close to selling in 2007, but became reluctant to sell, if they regret holding on to their homes.  

Take a look at NAR's Housing Minute Video!  Let's see where April brings us.