Preparing for Spring Market


What a joy to be sitting looking at snow, yet thinking about spring! That said, it appears that spring market will be here before the season actually arrives.

As in past markets, inventory remains a persistent issue. There are currently fewer than 600 homes on the market in Montgomery County, less than half of “normal.” This lack of inventory means that even with the post-covid spike in interest rates, prices have held steady, even rising slightly in some areas.

Speaking of interest rates, after surpassing 8 percent briefly, rates have crept back down below 7 percent (on a 30-year fixed rate with decent credit). Rates are expected to drop more as inflation is curbed. As that happens, buyers who have been waiting out the rates will resume their property searches, causing-you guessed it-competition.

So what does this mean for you? Well, with inventory low and rates still expected to drop, many lenders are offering programs designed to let buyers buy now and take advantage of rates once they come down a bit more. This allows current buyers to get in before the multiple offers and bidding wars. I work with a couple of lenders who can help make that happen for you. If you’re thinking of selling, this means making a few decisions based on your particular home's location and the market at any given time. Timing and proper pricing is everything. But don’t worry. I’ve got you. -Mary

p.s. none of this was done in AI and thank you to Mike Redmond at Third Act images for the cool springy photo! 

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