March can sometimes be a miserable month for weather, but always a great month for real estate. This year will be exceptionally good.
Pent-up demand, lower mortgage rates, and fewer homes on the market will drive a seller’s market for the next few months. Soon after, new construction will appear and sellers who generally wait until late spring or summer will appear; soon after, higher prices and added inventory will most likely stabilize prices and normalize activity.
Today in the Sioux Empire, there are only three price brackets still in the seller’s advantage, the rest are dealing with a buyer’s advantage. The first time home buyer price range; below $200,000 is always in a sellers’ market. The same goes for the $300,000 to $400,000 range and the $900,000 to $1,000,000 price bracket.
Expect all of this to change as soon as spring is in full stride. Thankfully, mortgage rates will remain steady and might even drop below the 4.5% range for a 30 year loan. Economic conditions will be on fire, the government will be running, consumer confidence will be high as wages and take home pay increases household cash flow. The sun will shine and all will go well for the Sioux Empire market.
For those who are thinking of moving this year, they may want to plan a little earlier. Projecting the future of how the market will play out is tricky, but with 40 years’ experience and over 5,000 transactions under our belt, we can project with relative certainty what to expect for any given home in any given neighborhood, style, and price.
We have developed the Dream Home Process to help you find better clarity of what to do and when to do it. It will also assist you in maximizing your dollars and saving you time. Best of all, you’ll have peace of mind knowing you are doing the right thing at the right time.
We invite you to call or text…it’s simple and with no obligation or cost for the initial conversation.
Wishing you the best.
Tony Ratchford. Broker, CRS, SRES, ABR, CLHMS, co-owner Keller Williams Realty Sioux Falls