Three main factors are impacting our market, and I’m explaining them today.
In my opinion as a local real estate agent, three main factors are changing our market these days:
1. Historically low inventory. For the first time in my 13-year career, our local MLS shows just under 4,000 homes for sale. In a typical, steady market we usually have about 5,000 houses for sale. This low inventory has had a large impact on our real estate market.
2. Historically low interest rates. Buyers currently have a wonderful opportunity to buy more house for their money, and homeowners can get a great rate when refinancing.
3. Buyers are looking for larger homes. Now, buyers are searching for homes that are larger, offer more private backyards, and home office space. Some are even looking for space for two people to work from home or a schoolroom.
If you have any questions about what’s impacting our local market or buying or selling a house, please contact us via phone or email. We would love to help you.