Over the last two weeks, you’ve probably heard about the instability in the banking industry with several banks going under. Withdrawal runs and stock market chaos ensued, sending ripple effects far and wide.
But how did this impact the housing market?
By some miracle, one facet of the economy that remained astonishingly unruffled was the housing market—which even showed a glimmer of good news despite the other events taking place.
According to realtor.com, mortgage rates fell last week to 6.6% for a 30-year fixed-rate mortgage. This marks the first drop after five weeks of pushing upward, cresting two weeks ago at 6.73%.
Plus, “homebuyers who are bracing for another hefty rate hike to hit this week when the Federal Reserve meets again may instead find some relief. The Fed, after all, might be more interested in the short term in stabilizing an economy rocked by recent bank craterings rather than taming inflation.”
That means mortgage rates might actually fall further. In more good news, while homes are sitting on the market longer than last year, the gap isn’t growing. This suggests that listings may eventually start getting snapped up faster this spring, when the market tends to heat up seasonally.
Homeowners on the fence about selling may want to take note that the very best time to sell a house is coming up quick. “Data shows that the optimal week to list is April 16-22, when homes receive 16.4% more views from buyers, and sell for a whopping $48,000 more on average than they did at the beginning of this year.”
Interested in chatting more about listing your home? Please reach out! The Jule Team is here to help!