Rhys Phillips

Houses are flying off the shelves, especially for a traditionally slow time of year. If you are interested in cashing out on your home’s equity but concerned where you will go, ask me about your options. There are ways to stay in your home after selling until you find your next place.

In March, we saw the first sustained interest rates above 3% since last summer.

Although the rise in interest rates has the potential to impact buyer’s payments, rates are also at an incredibly low level compared to historic numbers. Experts expect them to remain historically low for the time being.

The last decade has seen historically low rates with 5.05% being the highest rate. Note how rates didn’t drop below 5% before the Great Recession and we’re looking at just over 3% right now.

Also note that we have instant access to interest rates, whereas there’s a lag for the rest of the data. It will be interesting to see if this factors into tempering the market slightly, gently nudging it toward more sustainable growth next month.

For the first time since May, months of supply of inventory increased compared to the month before. For context, the increase was minimal – from 1.9 months to 2.0 months; however, this is the first increase we’ve seen since the end of lockdown.

There is good news for sellers here. It’s still an amazing time for sellers, who have an incredible upper hand right now. Buyers are actively searching for homes and ready to make offers. If sellers have been sitting on the fence, it’s time for them to act.

There’s also an upside for buyers, who may be more confident that competition is leveling out. Still, there are very few homes on the market and there are many buyers after them.

👉 Experience vacation living year round in this beautiful 3 bedroom 🛌, 3 full bath 🛀 home that has recently been listed. If you want more information or are interested, make sure to get in touch with me 👉📞