February National Market Update #1
Where is the market heading? What’s happening with mortgage rates? What’s going on with the fed? What’s inflation doing? There are so many things to speculate on in today’s market, so let’s see what the experts have to say.
Let me put all of this information in a better perspective for you. Our biggest factor to look at here is that listings are hard to come by right now. According to Realtor.com, the national average number of homes on the market we saw from December 2020 to December 2021 was almost 27% down year over year. And even with how difficult it is to snag a home, it has not slowed down buyers!
According to the Showing Time Monthly Index, the number of showings that happened in November of 2021 is greater than the number in November of 2020. The President of Showing Time says and I quote, “Showings traditionally lag during the holiday season, but the data we’re seeing tells us that buyer demand remains strong.
The fact that every region showed a year-over-year increase indicates that buyers are undeterred and it speaks to their desire to keep searching for their next home.” And these numbers are absolutely rushing the showing numbers from before the world went sideways. Buyers are out there, and they are ready!