Solving the Spring Market Mystery: Rates, Inventory, Boom or Bust?

You may be wondering where your traditional Spring real estate market is.  What's happening right now, what can you expect for the rest of this quarter and this year, and what should you keep a close eye on? Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206 IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://premiercoaching.com Today we'll talk about interest rates, inventory levels, price trends, price cuts, and new construction.  When you have the facts on these key indicators, it will help you make good business decisions.  Knowledge gives you the confidence to speak with more prospects more frequently, which will result in more opportunities.  HUGE Announcement: You will love this! Looking for the full outline from today's presentation? Our DAILY Newsletter featured lead generation systems, real estate scripts, daily success plans and (YES) the notes or today's show. Best part? The newsletter is free! http://harrisrealestatedaily.com/  We will also discuss the action steps to take once you're equipped with these facts. 1.     Mortgage Interest rates.  After spiking to nearly 8% in February, rates are currently hovering around 6.4%. Are we going to get stuck here or can we look forward to further reductions?   Business Insider reports that most economists and analysts expect rates to fall to around 6% somewhere around the middle of the year.  If inflation continues to stabilize, we should see one or two adjustments down this year. Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/ The MBA (Mortgage Bankers Association) forecast agrees that 30 year mortgage rates should fall to somewhere between 6.1 and 6.90% during 2024.  NAR says 6.1 to 6.8% and Fannie Mae predicts that rates will dip to 5.9% by year's end. Should buyers wait? It's not a great strategy when you consider that waiting will mean paying a higher purchase price, a higher down payment and possibly guarantee a bidding war.  The lower the rates go, the more mortgage applications are reported. This means more competition.  If a buyer is highly motivated and qualified, the move is to buy now and refinance later.   Many lenders are offering free refinances for 6 months or a year after closing. REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris   In January of 2021, rates hit an all-time low of just 2.65%.  This is extremely unlikely to ever happen again, since it was as a result of the government's response to Covid, driving the federal funds rate to near zero and stimulating the feeding frenzy in the housing market that many of you lived through.  THAT was NOT 'normal'!   Remember that no matter what the interest rate is, a saavy buyer can always buy down and lock in a lower interest rate, use an adjustable rate mortgage or simply refinance when rates drop.   2.     Inventory.   Currently, there are about 500,000 single-family homes on the market as active listings.  This is up a half percent week over week, and up 21% from last year, so things are going in the right direction.  That amounts to about 100,000 more active listings versus this time last year.  According to Altos Research, if this trend continues, by mid-year we'll be up by about 40% year over year.