Notable slowing in the market as the weather and interest rates are not cooperating.

April Market Overview:
April’s weather, marked by snow and wind storms, coupled with ongoing high interest rates, has introduced some hesitancy in the market. Despite these challenges, properties priced below $1,000,000 continue to favor sellers in most areas. However, the question “How’s the market?” no longer has a simple answer. Market conditions are becoming increasingly localized, with significant disparities—some neighborhoods are seeing fierce competition with multiple offers, while others are experiencing longer listing durations.

Importance of First Impressions:
In our discussion, we emphasized that a listing’s first impression is crucial. Nearly half (49.9%) of all single family homes go under contract within the first week on the market. This underscores the importance of ensuring that listings are impeccably presented—cleaned, staged, photographed professionally, and pre-inspected. Listings that don’t hit the mark right away often linger on the market for 30-60 days.

Seasonal Trends to Anticipate:
As we approach Mother’s Day and Memorial Day weekends, historical data shows a noticeable dip in showing activity—about 10% and 35-40% respectively. It’s vital to leverage this knowledge and encourage sellers to list sooner rather than later. June typically brings increased inventory and a shrinking pool of buyers, which could result in price adjustments.

Looking Ahead:

May is historically a peak month for placing buyers under contract, and we expect this trend to continue into the coming weeks. For sellers, the upcoming weeks represent a critical window to list properties before the seasonal slowdown.

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