March 2021 Market Update
Hi, Kevin Yoder here with Yoder Real Estate. I am here to give you a market update, it’s March 1st, 2021, and so many buyers and sellers and folks who just are curious want to know what’s going on with the real estate market. So rather than bore you with a bunch of stats and details about specifically those data, let me just share with you what’s going on. So right now we’re in a seller’s market. We’ve been in that seller’s market now for a few years, and now it’s seeming to be a little more exaggerated. Well, why is that? Well, because within every year there’s seasonality, which simply means that peaks and valleys in inventory levels throughout the real estate cycle in any given year. Well, we happened to be in a low inventory time a year, December, January, February, we’re heading into March now, which means there’s just not a lot of folks that list their home in the dead of winter in Michigan.
Now, we will move out of that as we do every year into the summer market, we’re actually heading the spring market now, which will loosen things up a bit. So if you’re a buyer that’s looking at homes right now, the reason why it’s seeming to be such a challenge is because there are only 365 homes available on the market today compared to over 800 last year. Now, does that mean you can’t move? Absolutely not. There’s ways that you can actually get into your dream home and do so with ease. If you’d like to know more about those tools, reach out to us here at Yoder Real Estate, I’m happy to help.
Now before you sell your home, it is advisable to focus on those low cost, high return items
For home sellers, if you’re looking to navigate from home A to home B, you could also do that and there are ways to accomplish it. Reach out to us here at Yoder Real Estate, we’re more than happy to share with you those strategies that we use each and every day from moving from home A to home B. In short, interest rates remain super low under 3%. As you know, if you’ve been around for a long time like I have, interest rates were up in the near 20% back in the eighties, now they’re down to 2.5 percent, super affordable. Home prices continue to go up in West Michigan at the same time, remember too that we are one of the most affordable real estate markets in the entire country. So what’s my recommendation for you? If you find yourself saying I’m going to wait on the sidelines until such time, which means I’m not going to buy now because home prices are crazy. Well, we have to remember crazy is a relative term, and it’s only crazy compared to something else.
So if you’re a home buyer and you’re waiting on the sidelines, remember that home prices continue to go up. What are you waiting for? Interest rates are never going to be this low ever again. They’re actually too low. It’s not a good thing that they remain this low. So if you could find the home and you can navigate through this market, get into property now because home prices will continue to go up until there’s a market correction. And that is so far off, we don’t know when that’s going to happen. If you’d like to find out the tools that we’re using here at Yoder Real Estate to help our home buyers get into their dream home and home sellers maximize their price and maximize the amount of time they could stay in the home so they have plenty of time to move, reach out to us. We are here to help and we’re looking forward to connecting with you in 2021. Have an awesome week and an awesome spring market. We’ll see you soon.
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