Lately, all of our purchase orders have had multiple offers and I can see why.
According to the Washington Post:
“Millions of people seized on lower mortgage rates and stagnant prices to buy homes last month, breathing new life into a U.S. residential housing market that has seen steady declines for the past year. Sales of previously owned homes spiked to about 4.58 million in February, up 14.5 percent from the previous month, according to data from the National
Association of Realtors, exceeding analysts’ expectations and breaking a 12-month streak of steady declines. It’s the biggest monthly percentage increase since July 2020, although sales are still down 22.6 percent from a year ago.
Home prices, meanwhile, logged their first year-over-year decline since 2012, with the median U.S. home price dipping 0.2 percent to $363,000.
The jump in sales activity confirmed some economists’ assertions that the U.S. housing market had already reached the bottom of its year-long slump……The housing market is especially sensitive to interest rate fluctuations because most people acquire new homes with the help of a home loan, which can entail tens or hundreds of thousands of dollars in interest on top of the price of the home. That meansthe Fed’srate hikes added hundreds of dollars every month to the cost of a new mortgage, convincing many would-be homeowners tostay out ofthe market. But the average mortgage rate had fallen back to 6.09 percent by early February, enticing some to resume their housing searches.”