There are a few reasons we're seeing an active market. First, most people who lost their homes in a short sale or foreclosure were unable to get back into the market until this year, so a lot of those people are reentering the market now. Second, interest rates are rumored to rise this summer or fall; since most people understand higher rates equal higher monthly payments, many are jumping off the fence in order to lock in low interest rates.
Another reason people are entering the market is property values are cheap. When property values begin to rise, many enter the market to grab properties at a fair price before the market begins to stagnate. Since many people buy properties for tax reasons, grabbing cheaply valued properties while they're available is a common strategy. Since inventory is lower than last year, we're starting to see values rise and people enter the market as a result.
If you want to know what conditions are like in your area, or if you want to take advantage of these favorable market conditions, give me a call or shoot me a quick email. I would love to discuss your particular situation with you and figure out if we can make a beneficial real estate transaction in the current marketplace.
I look forward to hearing from you soon!
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