Updated: Apr 7
The market is heating up for a couple of reasons.
Homebuyers are feeling comfortable with current market trends, stable mortgage rates and lower prices.
The Fed raised its lending rate this week; however, mortgage interest rates were relatively unaffected. (Steady as she goes!)
What do I see locally?
I heard from a lender this week that a home in Clayton received 20 offers! Are we back to the crazy market of the last couple of years? NO!
There are only 12 homes for sale in all of Clayton right now, so this particular home was a must-see in my opinion.
Check out 1302 Easley Drive. Beautifully updated and prepared for the market. Congrats to that seller!
There is very limited inventory in this area. That is typical of this time of year (season). And, buyers are back in the market and ready to write an offer on a home that is priced right for the condition and location.
The market has 54 detached homes for sale in all of Concord. About half of those came on the market in the last 10 days.
In addition, there are 46 detached homes in Concord are pending right now. Of those, 39 went pending in just the last month!
What do we need right now
We need homes to sell! I’m not just talking about me, I’m talking about inventory for the area. It’s a tough call for homeowners whom I’ve spoken to who are considering moving, but have an interest rate of around 3% and plenty of equity. They are just not motivated enough to start packing and purging.
What could motivate them – pregnancy! They want grandkids and are willing to move for that reason. It sounds funny, but I’m not kidding. Outside of health reasons, or a significant life event, a lot of home sellers are just not motivated to make any changes.
It will be interesting for the next couple of months to see how lack of inventory drivers buyers into the market or not.