I have already seen a number of homes receive multiple offers and it’s only mid-February. There are two factors leading to this. First, the threat of rising interest rates has motivated many buyers to jump into the housing market sooner.
Second, sellers typically wait until Spring to begin putting their homes on the market. This year, buyers are entering the market ahead of the typical supply of new Spring listings. This imbalance is creating pent-up demand for new listings.
Because supply is not currently keeping pace with buyer demand, those sellers ready to put their homes on the market will be pleasantly rewarded by the high level of interest their property receives.
For those buyers thinking of waiting, you may want to consider starting your search sooner. The reason is I expect prices to increase during the Spring market.”