We continue to hear how competitive the spring real estate market will be, but why? We spoke to a few Better Homes and Gardens\u00ae Real Estate brokers to understand why the upcoming season is poised to be one of the most competitive yet. Discover how record low inventory and rising interest rates will impact this year’s spring selling season and what different affiliates are experiencing in different parts of the country.<\/p>\n\n\n\n
Chris Masiello, President and CEO, Better Homes and Gardens Real Estate The Masiello Group (Northern New England<\/strong>)<\/p>\n\n\n\n \u201cOur spring market doesn’t start in the Northern New England area for another month, but we are still experiencing the same inventory shortages that the rest of the country has faced, in addition to a lack of new construction. Our area has become a destination, and we get a lot of migration starting from the metro D.C. area up the Rte. 95 corridor into Northern New England. We are in a supply and demand market that is completely inventory and demographically driven. Both Baby Boomers and Millennials are entering the housing market simultaneously, many with similar needs. Houses ideal for first-time homebuyers (Millennials) is also great down-size homes (Baby Boomers). Seasonality, the way we once knew it in our industry, because of inventory, is gone. People will move when the opportunity presents itself.\u201d<\/p>\n\n\n\n Jessica Poulos, Owner and Designated Broker, Better Homes and Gardens Real Estate Northwest Home Team (Washington)<\/strong><\/p>\n\n\n\n \u201cIn our market, rates are still VERY low 4%, so many buyers and sellers are excited to take advantage of that. They want to get a bigger house or bigger yard and not have to increase their monthly payment by much. We have also had such low inventory, currently, our market has 163 active homes in our county and a whopping 1483 active agents. Many sellers are getting ready to list in the spring, and buyers will be ready! The average buyer pays 6% over asking price for a home and gets beat out an average of 7 times before their offer is accepted.\u201d<\/p>\n\n\n\n Danielle Bade, Principal Broker and Vice President, Better Homes and Gardens Real Estate Realty Partners (Oregon)<\/strong><\/p>\n\n\n\n \u201cWe saw a return of seasonal trends in 2021 and expect the same in 2022. Late February is generally when the \u201cspring market\u201d starts here in Oregon. Inventory is still a concern, however, the forecasted rise in interest rates will push people, especially Millennials, to start looking sooner than later. All of this creates a sense of urgency and buyer frenzy. Priorities have also shifted when looking for a home. In the past, there might have been a lot of emphasis on move-in-ready spaces or layouts to host social events. Now many people are more willing to accept a house that needs a bit of work or is not updated, because they need the space for their families first. This shift in buyer mindset also feeds into the competitive nature of the market.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" We continue to hear how competitive the spring real estate market will be, but why? We spoke to a few Better Homes and Gardens\u00ae Real Estate brokers to understand why the upcoming season is poised to be one of the most competitive yet. Discover how record low inventory and rising interest rates will impact this […]<\/p>\n","protected":false},"author":141,"featured_media":54841,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[91,271],"tags":[48041,48011,48021,48051,48031,48061,40731],"class_list":["post-54831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-thought-leadership-2","tag-bade","tag-market-insights","tag-masiello","tag-northwest-home-team","tag-poulos","tag-realty-partners","tag-spring"],"yoast_head":"\n