Just this last December people were hunkering down!
Remember?
Stock Market was “crashing”
Interest rates were “skyrocketing”
Housing sales were “tumbling”
It was SEXY for the media to be the first to report an economic downturn with skids greased by the slowing housing market.
Heck, even the winter weather across the nation was suggesting a climate of doom!
As a result, buyers and sellers got out of the wind chill and literally stayed indoors to weather the uncertainty of the economy and the housing market for the winter.
So, what's the Spring economic climate looking like now?
Stock market is actually “UP”
Interest rates are actually “DOWN”
According to The Federal Home Loan Mortgage Corporation AKA Freddie Mac, fixed-rate mortgages dropped to 4.37%...a 12 month low!
Sam Khater, Freddie Mac’s chief economist, says, “…lower mortgage rates and a strong job market should rekindle demand for the spring homebuying season.”
Here in North Idaho, the inventory of homes, and sales are down 19%, over the same time last year (that's NOT prices...those are still up 10% over last year.)
Keep in mind though, like many parts of the country, that North Idaho had an historic winter season. Coeur d'Alene saw its snowiest February in history, an entire years worth of snow in one month!
Is it possible that sellers were reluctant to put their homes on the market during snowy weather?
Is it possible that buyers were reluctant to travel and look for homes during snowy weather?
We think so.
We have clients on both sides of the table...sellers and buyers, who say, "We are waiting for the Spring"
So here we go...a strong economy, low interest rates and penned up inventory and demand in the housing market.
Bust open those cabin doors buyers and sellers...Spring is here!
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Written by: Kory Martinelli Owner/Realtor of The Martinelli Realty Team – Professional Realty Services Idaho