Way to go, sellers! The early bird got the worm as many listings moved fast, received multiple offers, and had more negotiation power than we expected. Our metro area simply remains highly desirable to buyers. And many sellers have taken our advice to heart (well-prepared properties and creative offers like 3/2/1 buydowns). Properties that are not in turn-key condition and priced too high are sitting much, much longer.
Buyers were grateful for the 0.5% rate decrease. With that budget boost and the spring increase in listings (47% more new listings than in February - DMAR Monthly Report), they jumped on opportunities. They are learning to work with the higher loan rates and negotiate with sellers (especially those on the market for weeks/month+) to get a home that meets their needs. Even if it is the “home for now” vs. their “forever home.” And with home values remaining stable, it’s a smart move at a time when other financial investments are more uncertain. Text, email, or call me at 303.912.5394 or [email protected].
