March 26th, 2019
Last month, existing home sales saw the greatest month-over-month increase (11.8%) since December 2015. As you can expect, the primary reasons for that growth were a rise in inventory, a lowering of mortgage rates, and rising income and consumer confidence. Last month was also the 84th straight month of year-over-year home price gains (3.6%). Furthermore, first-timer home buyers made up 32% of all home sales in February, a 3% increase from January.
Existing home sales being on the rise is a great sign that inventory is on the rise and affordability is easing for many home buyers. Rates have dipped drastically since the Fed’s announcement last week and consumers are re-entering the market to capitalize. What can you do today to also capitalize on the improving market? What are you doing to differentiate yourself from the competition? These thoughts need to be running in your mind constantly if you want to see big improvements in your numbers going into this spring season.