This market can be compared to a waiting game. Buyers and their agents are all patiently on stand by, hoping a new listing comes on the market. This scenario may sound familiar to you. Eyes are glued to computer screens, hoping that when you hit refresh, a new house will pop up on Redfin, Zillow or MLS. Once you click on the hidden gem on your computer, there is a minute of hopefulness as you scan the listing-- is it the right price range, your favorite neighborhood, or in the condition you want? This is being played out across the country repeatedly--it's not just you!
It's not that listings aren't coming on the market--in fact, there are houses for sale-- but they are absorbed so quickly by buyers that we don't have time to digest or analyze them.
As I mentioned the other week, interest rates have inched up. In the grand scheme of things though, a 3% interest rate is still pretty good. No, it isn't the 2.75% that we saw a few weeks ago, but we'll take what we get which is still historically low rates.
I wanted to end on a fun note this week. Whether you are staying put or moving, here is an article on the design trends we expect to see this year. My favorite is that gray walls are taking a back seat to warmer tones. It's about time for that change. One of my favorite designers is Studio McGee. They are very on trend with warm and welcoming palettes.
We have some great listings coming on in the next few weeks, so stay tuned. As for my buyers, hang in there--I promise we will get you a home in 2021!