Five Spring Market Predictions

Like clockwork, the Spring Market is here! We’ve seen activity tick upwards the last few weeks as we’ve seen the first signs of spring.

I always remind my clients that I do not have a crystal ball, but there are five things that I think we will see this Spring Market:

1. Multiple Offer Situations!

That’s right— they’re back! This is still due, in large part, to a lack of inventory. We are still seeing seller’s that are sheepish to list their homes where they are locked in at a lower interest rate, but it seems rates aren’t changing too much any time soon. This brings me to my second prediction…

2. Comfort Will Increase with Interest Rates!

Over the last 13 years, we have seen rates hover below 5% and as low as 2.5% in 2021. Those rates are not the norm! The below image shows the average interest rate for a 30-Year Fixed Rate Mortgage in US since 1972.

This gives us perspective! While there was some positive thinking around interest rates lowering in the 2nd half of the year, all signs are now saying that may not be the case. In January, we thought inflation may be getting under control. In February, all economic reports say otherwise. Inflation and jobs are still growing, which leads to the market responding with higher rates. I think we are going to see people get comfortable with where rates are. Which means…

3. More Inventory!

Seller’s who have been on the fence about a move over the last year are going to become more comfortable with the market. They’ll see that there is still great demand and low supply. After coming to terms with the fact that we most likely won’t see 2020 and 2021 rates again, they will be willing to make a move.

4. More Buyers!

Like seller’s who are coming to terms with the realty of the market, we will see more buyer’s get comfortable with rates.

5. Representation will Matter More than Ever!

With multiple offers situations still common in Dallas, more inventory and more buyers coming on the scene, and interest rates where they are, YOUR AGENT MATTERS! Now more than ever, you need an agent who is well connected, networking with other agents to find off-market opportunities, and who has a proven track record. Let me help you navigate this market!

If you think this Spring Market could be the right time for you to buy or sell, let’s link-up!