This spring has seen a kind of market “hyperactivity” we haven’t seen of late, including double digit sales increases and open house traffic increases of 5 to 10 fold. With April nearly behind us, the strength of the market continues to be apparent. I have seen in certain markets and price ranges, increased incidents of multiple offers being submitted on the same property.
The message here is two fold: For sellers, this is the best time in the past 6 years to have your home on the market. For buyers: Don’t take a chance on missing out on your dream home by sticking to last year’s paradigm of a soft market and making an unreasonably low offer. With interest rates hovering at about 4% (about one half of the level they are in a typical market), you will more than make up for your purchase price increase through the interest saved by locking in today’s rates.
Interestingly, history has shown us that interest rates are held down during an election cycle, but after November, anything could happen. Its time to move to your next home now.