Historically speaking, the housing market tends to heat up for both buyers and sellers towards the beginning of Spring. By the end of the Summer, the market slowly starts to cool down as we enter the chilly season. But this year, the housing market is nowhere near slowing down. In fact, as you may already know, homes are selling like hotcakes! Here’s why homeowners are putting their homes on the market for sale and buyers are quick to snatch them:

Low-Interest Rates for Buyers

The pandemic has caused a lot of economic downturns all over the world. As a response to these downshifts, the Fed brought down the interest rates for loans with the goal of stimulating the economy. And boy did that work well! 

With the mortgage interest rate falling 3% below the lowest in history, there’s never been a better time to search for your forever home. 

Low Competition for Sellers

With the interest rates being so low, the time homes spend on the market has reached a record low. In fact, prior to 2021, most homes were on the market for an average of 36 days. These days, they spend less than 21 days on the market.  That’s almost 2 weeks less than normally. 

Naturally, this quick sales cycle means that there are a lot fewer houses on the market at once. This makes competition low, which brings us to the next reason why the housing market is so hot right now.

High Home Values for Sellers

Lastly, the biggest symptom of low inventory in a hot housing market is PRICE! Not only are homes listed for up to 23% more, but the homes are selling for record-breaking houses in some parts of the state! So if you have a home that you’ve been meaning to sell, there couldn’t be a better time for you to get the most money for it.  

While it can be argued that the market may be more of a seller’s market, there are still plenty of reasons why sellers are still shopping for homes during the Fall. We want to know; have you shopped for a home this Fall? How was your experience?