When it is cold outside there will be some that might not want to brave the weather. In our area we have not had many snow days this year. So the impact of winter weather is not that is not much! Buyers have been buying all winter. Excluding major holiday events buyers have been very active. The problem for them is they have little inventory to draw from.
Supply and Demand
Right now in our area there is area there is only a one-two month supply of housing. It is a sellers market now.
Currently buyer demand is strong in our area. Buyers are out in force looking for the perfect new home. Many of them have sold their homes and are renting just waiting to buy their new move up home.
Sellers Have More Competition in the Spring
More people typically put their homes up for sale in the spring and summer this gives the buyers more to choose from . Sellers will have more competition in the spring.
Interest Rates are Good
Interest rates are decent now too. If you want an idea of where they are click on this link for interest rates. They are expected to rise a little throughout the year. This has an impact on buying. When buyers hold off this means it will cost either more down payment or monthly payment to get the home that they want. This is just based on prices going up. If interest goes up this plays into it also.
Housing Prices Will Rise
According to people who follow the statistics and predict thing, housing prices will continue to rise this year. Prices are projected to go up approximately 4% next year. If you are a buyer now is a good time to buy.
Teresa Larson Village Real Estate, Murray UT
20+ years real estate experience