With spring around the corner and a crazy start to the year, you likely want to know what to expect in this upcoming spring real estate market. Here’s what you can expect to see as we move into those warmer months:
1. Higher Mortgage Rates – According to Freddie Mac, the 30-year fixed mortgage has increased by more than a full point over the last 5 months and experts believe rates will continue to rise.
If you’re a first-time buyer or seller thinking of making a move, waiting will most likely mean you’ll end up paying higher mortgage rates on your home; which can really add up over the lifetime of your loan.
2. More Housing Inventory – Buyers rejoice as inventory is expected to grow in the coming months. Between January 2022 and February 2022, Kent County has already seen a 22% increase in the amount of new listings on the market. That number is predicted to continue rising.
As a seller, listing now rather than waiting means less competition and more leverage when it comes to negotiations.
3. Rising Home Prices – Though the number of homes entering the market is increasing, buyer demand remains incredibly strong meaning home prices will continue to appreciate, even with more coming onto the market (just at a more moderate pace).
With the crazy market we’re in, The Lucas Howard Group understands how navigating it can be a stressful situation as both a buyer or seller. Thankfully, we’re here to serve you at a professional level to make all your home selling, buying, and investing needs a breeze.
Call us today for all your home selling, buying, and investing needs!
616.893.6478