I’ve begun my vigil. Sometime in the next week or two, I’ll celebrate the arrival of the first crocuses and snowdrops. Within days, I’ll see the flutter of the first Red Wing Blackbird of the season and I’ll hear the song of the first Eastern Phoebe. Occasionally, these markers of seasonal change arrive early. Sometimes they linger and remain coyly hidden. Inevitably, they do arrive.
Likewise, sometime between the third week of January and the first of March, the spring real estate market rouses itself from its wintertide slumber and the exercise of housing commerce begins. As I described in my last newsletter, January’s surge in the number of cases of COVID coupled with colder temperatures to delay the start of this year’s selling season. I know, however, that this coming week, “For Sale” signs will begin to spring up like dormant daffodils throughout the county. In the next five days, my team and I have six new listings over which anxious buyers will begin battling. And, we already have more than $4 million in property that will go live in the month of March.
I’m the first to admit that, in the preceding four months, my ability to prognosticate the future of the residential market has been less-than-stellar. However, I’m fairly certain that the following phenomenon will begin to dramatically impact housing sales in the months to come-
- Rising Interest Rates: They’ve already increased three-quarters of a point in the past thirty days and they’re slated to continue inching upward.
- Inflation: Although the cost of living has increased to its highest level in more than forty years, it hasn’t yet begun to manifest itself in the day-to-day life of most Americans. As it lingers, that will change.
- Increasing Inventory: History tells us that the number of homes available for sale increases dramatically in the months of March, April and May. No, we still won’t have enough homes to sell, however, inventory will rise higher and begin to eat into the advantage currently enjoyed by those selling their house.
- The Soviet Invasion of Ukraine: I won’t even begin to speculate about how it is that Putin’s war will impact our economy, the stock market, or the housing market. I’m only smart enough to know that it can’t be good.
In other words, if you’re thinking of selling your house this year, listing sooner rather than later may be the smart money move. Feel free to give me a call if you’d like to talk about your personal situation. (585) 330-8750
Meanwhile, let’s hope and pray for peace both for the men and women of Ukraine and for the world, itself.