The Market’s Prospects for Spring
By Michael Ardolino, Broker-Owner, Realty Connect USA
We remain cautiously optimistic about our continued recovery. Here’s what you need to know:
- It has been widely expected that the Federal Reserve would begin raising interest rates in June. Judging from comments made by Fed Chairwoman Janet Yellen at the end of March, this is no longer likely. With rates low and demand rising, strong spring sales activity can be expected.
- Locally, we have seen a modest increase in home prices and expect that trend to continue.
- In the first quarter of 2015, there were 20% more homes on the market in our area than there were in the first quarter of 2014. It is critical to position your home correctly in order to attract buyers—especially millennials, who are entering the market in force under brighter economic conditions.
- Many millennials currently renting are ready to claim the benefits of ownership, such as the security of locking in a fixed monthly payment for 30 years, valuable tax deductions, and a lower percentage of income spent on housing. Baby boomers and empty-nesters, take note. Your pool of potential buyers is growing.
This is the prime time for sellers to list. The market is active. Buyers, the window of opportunity offered by low rates remains open. Please feel free to contact me @ 631-941-4300 or Michael@Ardolino.com.
I’m always happy to share helpful real estate information, by publishing educational newsletters, speaking at real estate forums, and arming people with all the data they need to make confident, informed real estate decisions.