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It’s officially Spring!
Hopefully your allergies aren’t as painful as your busted March Madness bracket. Do you know what’s not busted? The housing market. At least for now.
Despite the daily news articles making it sound like the housing market is doomed, people still bought and sold a lot of homes last month. 414K in fact. This was 3% fewer homes than we predicted, however with the seasonality prior to the pandemic we used to see on average 300K home sales in February, so things are still looking pretty bright.
What’s even brighter? March and April.
We expect to see a 31% increase in home sales in March with 543K and an additional 4% increase in April with 567K homes sold across the U.S.
Now while March and April look bright, we aren’t ready to make any strong claims for the rest of the year. There are so many factors at play here, it’s truly hard to predict if we will continue on this path, or if outside forces will cause things to dip. Based on the data we are seeing now, our data analysts predict it will be more of a soft landing as we finally settle into a new normal.
No matter what the future holds, what remains constant is the critical role brokers and agents play for consumers. Mortgage rates, inflation, the war on Ukraine, all of these pieces of uncertainty are scary. But trusted advisors like you can take the headlines and can truly drill down on what it’s like, right now, in your corner of the world.
You’re the expert who can guide your clients to know if it’s the right time to buy or sell. Bring them comfort in the fact that yes, mortgage rates are rising, but as our friend and economist Matthew Gardner shared last week, the financial experts are predicting that even with inflation, and everything else happening right now, that by the end of the year mortgage rates will hover just around 4%, which is still historically low.
It’s vital to remember (and remind your clients) that every market is different right now. Some markets have really benefited from the Great Relocation. Others are finally getting some new construction to add to their inventory. You are the expert on the ground. Be the expert and the mentor for your clients in your area. You know more than anyone else around.
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
