12 Mar Springing Forward
We have just hit daylight savings and that means that spring will soon be here. As I write this though it is snowing outside…. in mid March! What does the warmer temperatures have to do with the real estate market though? With a new year and seasons that brings out a variety of changes to the market. Also, how the year begins can be a glimpse into how the rest of the year could be.
The market has certainly already taken a hit in the “spring forward” but it has all been positive! It has continued to get better and we see no sign of it slowing just yet. So what does this mean for the consumer? Well, if you are wanting to buy now or soon then don’t wait around! Why? Because that dream home of yours could be gone to another buyer in just days. We are seeing homes “fly off the shelves” in less than a week in some cases.
The consumer or buyer that is seriously looking can still take their time to look to find the right home because this is a big decision and shouldn’t be taken too lightly. But, in our professional opinion, we don’t want you to miss out if you have that feeling of it being “the one”. The spring forward in the market has brought out buyers from everywhere whether they are looking to relocate or have a vacation home.
What can all of this high demand mean for the coming months or year? A little something we all possibly learned in high school called “supply & demand”. The demand for homes go up then the supply of homes decrease. This is an example of our market doing well though! The only downside to this positive can be an increase in prices due to a smaller supply. Another reason why buyers shouldn’t wait. Do it now while there is more to choose from in your price range.
How can we see that the supply is down in some areas? Well, like out here on the lake as an example, we see buyers of all price ranges. Under $500,000 there is very little supply left that is waterfront compared to last year or even the year before. Those homes have been scooped up like a sweet scoop of cold ice cream on a hot summer day. Just like the listing that we had last summer it was a well updated and adorable “cottage” type waterfront home listed in the $300,000 range. How long was it on the market? Not even 24 hours! Those $300,000 range waterfront homes this year in this market almost just basically don’t exist anymore. What a change one year can make!
We are continuing to spring forward with each month that goes by. The market is ever changing and at this point still heating up.
Although we have no fancy pictures or even a good before/after DIY picture for this month it was important to us that we let y’all in on what we see in the market for the coming months. Stay tuned for next month you never know what the next topic may be!