The spring real estate market is heating up. Despite a slow start this year due to rocky weather conditions hitting many states across the country, the market for the remainder of 2019 looks clear.
According to Rick Haase, Chief Operating Officer of United Real Estate Group, home sales in the first quarter are roughly five percent lower than last year, and was caused by many things including the weather conditions, a short supply of properties on the market and properties that have sold, but sometimes take months to close.
“We have had such crazy weather in the snow belts and northern half of the United States that it has significantly impacted home sales,” said Haase. “In addition to the weather, 2018 saw a rise in the average interest rate for mortgage rates, which affected buyers in the first quarter.”
As we continue through the second quarter and remainder of the year, sales should continue to pick up the pace. Issues we saw last year like limited inventory and high prices will slowly fade, giving a clear path through spring. A slow-down of the price increase of homes, the influx of new home construction and leveling of mortgage rates will increase affordability for buyers. An increase in inventory compared to last year is expected to ease the competition between buyers, turning it into a buyer’s market for spring and summer. These trends, Haase says, should make real estate agents adapt to the needs of sellers in order to reach more buyers.
“It’s more critical than ever that real estate professionals understand how to cast a wide net in order to search for buyers for their clients’ properties,” said Haase. “It’s important how you market those properties, utilizing traditional and nontraditional channels. Especially when you’re dealing with non-urban residential properties, United Country has tools like the specialty property groups and partnerships we have created like Realtree. It’s so important to find the right buyers.”
Overall, Haase said we will end up seeing an increase in total sales volume as we head through the end of 2019 so buyers and sellers don’t have anything to worry about this year.
United Country Real Estate is the leader in lifestyle real estate, specializing in farmland, country homes, ranches, recreational/hunting properties, waterfront properties and more coast-to-coast. To learn more or view all of our available properties, visit www.UnitedCountry.com.