3 Factors Igniting the 1st Quarter Seller's Market

3 Factors Igniting the 1st Quarter Seller's Market

Just like:

➡️   The stock market

➡️  Commodities

➡️  Political campaigns

The real estate market is affected by so many moving parts. Clearly, the increased interest rate has brought our local market closer to "normal". This single factor leaves sellers reluctant to sell their home. Naturally, higher interest rates mean decreased buyer demand. If you're a homeowner that wants to sell but thinks they missed the boat.  Pay attention. Below are motivating factors:

⚫   End of the Holiday Season - Buyers are not focused on purchasing a home or large investments in general during the festive time of year

⚫   Timing - New inventory begins to trickle out and proactive buyers understand this concept. They use this time to be aggressive and get a jump on competition.  

⚫   The "rubber band" effect - Buyers who jumped out of the game due to the rate hike are now back in the game with a rate decrease.

Of the three factors, the rate decrease is most notable. Buyers who didn't purchase when the rate was rock bottom are experiencing FOMO. A slight decrease let alone a major decrease in the rate coupled with these other two factors will make January, February, and March feel like Christmas time all over again. 

Time to prep in order to take advantage of what will be another awesome time to sell your home. Especially in the West Chester area where inventory is as tight as ever.