Now that we're solidly into March, it's officially spring and inventory is starting to pick up. That's the good news. The bad news (for buyers) is that demand is still way ahead of supply, with newbie home buyers chomping at the bit to get in the game, while those who were unable to secure a home last year are pulling out all the stops to land one this spring (a colleague recently referred to this as the "hangover" market, which I thought was perfect).
If you're a seller, this is good news for you. The beginning of each year is always somewhat of a mystery in terms of where the market will go -- especially after the last two cooler fall markets, which led some to speculate that maybe we were seeing the beginning of a leveling out, but... that wasn't the case last year and looks like won't be in 2022 either.
Lingering COVID, rising interest rates, stock market fluctuations, inflation and geopolitical uncertainty have done nothing to quell buyer demand. And maybe all the uncertainty we're facing "out there" in the world is actually contributing to people's longing for the stability and comforts of a home of their own. It would be understandable.
So, what are the takeaways?
If you've been on the fence about selling, please do it! We need more homes and you will do very well. And...
If you're planning to buy this spring, expect to pay a good chunk over last fall/winter's sale prices.