How is the Spring Real Estate Market Shaping Up in Iron County?

The above statement from the National Association of REALTORS® chief economist demonstrates that, across the nation, there is still an affordability issue for buyers.

Lawrence Yun says that recent inflationary pressures are likely to mean slightly higher mortgage interest rates in the upcoming weeks.

It's very important to stress that we don't have a demand problem here in Iron County. Many buyers have already been putting their plans on hold and can only wait so long.

The reality, at the moment, is that we are increasingly unlikely to see the fall in rates that would really turbocharge the market as we head further into this busy spring period.

Homes are selling, but the continuing economic pressures out there continue to inform buyer sentiment. Always remember, too, that not everyone requires a home loan.

There's still a lot of hope that we'll eventually see some relief and, hopefully as we move into mid-year, rates will begin to come down.

Please bear in mind, however, that we are likely to be looking at rates dropping to the mid to low 6% range. The ultra-low rates that we all enjoyed for so long couldn't last, just as we cautioned that they wouldn't.

Even though affordability is challenging for most buyers, there's still a strong amount of current activity out there to suggest that, in some senses, the reality is setting in that waiting for those low, low rates to return is simply unrealistic.

And while buyers have to be realistic, so do sellers, especially in terms of current home market values. While continuing relatively low inventory levels tend to support asking prices, high mortgage rates clearly counterbalance that trend.

So the message is that there are still great opportunities out there, especially if sellers are in synch with the issues that many buyers are currently experiencing.

Why not contact us today at 435-327-2090 and discover how we are navigating our clients through all this to achieve success.