Spring's Welcomed Arrival
In like a lion and out like a lamb is an old adage for the month of March and for those of us in real estate, spring can’t come soon enough. Storm after unyielding storm marched across most of the country last month heavily impacting those in the North East. Experts say that the weather conditions are negatively influencing real estate sales as buyers have stayed indoors and sellers have dealt with fallen tree limbs and leaking roofs.
Do not panic. It’s common knowledge that winter storms can temporarily postpone some closings. We expect that near-term contract activity will be slow. Just like those hearty northerners however, the real estate market will always spring forward again with the tulips!
Prior to February’s relentless cold snaps, January real estate sales had shown increasing improvement. According to a recent release from the National Association of Realtors®, improved buyer demand at the beginning of 2015 pushed pending home sales in January to their highest level since August 2013. Of course pending home sales experienced the largest increase in the South, up 3.2 percent.
Which brings to mind another adage; real estate is local. The real estate trends that occur in Boston, Mass., can be extremely different than the real estate trends in Miami, Fl. If you view the market graph, you can see the current trend for our area.
Real estate watchers take heart. With spring’s welcomed arrival, experts are in agreement that sales will improve. With interest rates still at all-time historic lows, combined with pent-up buyer demand, the temperature won’t be the only rising trend due to the warmer weather.
For the anxious home seller anticipating the April rush, they can prepare right now by doing some spring cleaning. Start inside the home of course and as the lion bellows its last roar, remove those fallen tree limbs, repair that roof, and brace yourself for the real estate whirlwind called spring.
For more information about current market conditions in our area, and more suggestions to prepare for the spring market, contact a Coldwell Banker Residential Brokerage affiliated sales professional today.