Well, here we are in mid-February. Not yet spring, but winter winding down. In the Real Estate world, this is what's called pre-market. Spring is typically when the Real Estate market really picks up.
I'm hear to tell you, the market has already picked up and it's a crazy home buying-selling world out there! Buyers are out in droves and are pounding the pavement hard! Many of these buyers are renters, who have been sitting on the sidelines waiting for the perfect time to buy. They have come out of the woodwork! I'm working with four different sets of buyers who are all renting.
The other thing we are seeing is low inventory. Houses that are only on the market a few days are getting offers quickly and in some cases multiple offers. I have been involved in two multiple offer transactions in the last week! Even homes that have been languishing on the market for months are receiving offers and going to closing.
The market has flipped. Just a few short months ago it was a buyers market. Today, sellers are in the drivers seat. In the Dane County area, a healthy market is 6 months of inventory. As of last week, the inventory in Dane County was 4.2 months. Low inventory means it's a sellers market.
Interest rates continue to be low, but those are expected in increase over the course of the year and be at or over 4% by year-end. Still a great rate, but not as good as the 3.5% you might be able to get today.
If you are thinking of selling, get on the market now. The buyers are not only looking....they are buying!
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