Something is always happening in the Cape Ann real estate market. We might see dips in activity during certain times of the year, but there are only a few notable exceptions when nothing is happening. But historically the spring/early summer and fall real estate markets are the busiest time of the year. Many people want to move before the school year starts back up or they want to purchase a new home before the holiday rush. Even though the fall is also busy the spring real estate market is by far the busiest time of the year. This is a great time to sell your property.
Interest rates are at very low levels. Currently many lenders are hovering at around 4% for 30 fixed-rate loans. But these good rates won’t last forever and potential buyers are starting to recognize this fact. The Federal Reserve has hinted that we might see an increase in rates in the very near future. Some buyers are faced with the challenge of needing to find a home sooner rather than later due to increasing rates, but are running into problems with low inventory across some price points. Right now home inventory is down but demand for homes is high, so it’s very much a seller’s market.
If we were in a normal housing market, demand would mean that the total housing inventory would sell in about six months. Currently the level of demand relative to availability creates only about a four month supply. This means there are more buyers looking for homes than there are homes for them to buy. This situation is piting some prospective homeowners against each other in bidding wars and might help your property receive multiple offers and experience an overall fewer days on the market than you’d otherwise see.
One of the benefits in the low housing inventory besides a lower level of competition is that the entire home-buying process usually moves more smoothly. With fewer sales happening each week due to fewer homes being available, lenders and banks are facing less of a backlog of mortgage requests and may be more willing to go a little further for the properly qualified client.