Housing Market To “Spring Forward” This Year
March 13, 2016 – The Difference an Hour Makes
As we adjust our clocks for Daylight Saving Time this weekend and Spring Forward, let’s look at what happens every hour in the Housing Market…
EVERY HOUR IN THE UNITED STATES:
- 624 HOMES SELL
- 118 HOMES REGAIN POSITIVE EQUITY
- MEDIAN HOME VALUES GO UP $1.84
*sources: NAR & CoreLogic
Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.
Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows.
The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2015 all fell in April, May or June.
Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.
If you are planning on selling your home in 2016, let’s meet up to evaluate the opportunities in your market.