The real estate market's spring dance is in full swing. The tune is lively and the dancers are out on the floor and kicking up their heels.
In many markets, it has been easy to see the hand-in-hand dance of the real estate market.
This year, lots of people want to sell. In a December 2023 survey from Opendoor, the number of potential sellers increased 18 percent. Those sellers are influenced by interest rates, housing prices and availability.
In the last couple years, lots of people wanted to buy houses, but hesitated as interest rates climbed. With fewer of buyers, people held off selling their homes and the market grew more competitive. With fewer homes for sale, prices remained high in many markets or even fox trotted a little bit higher.
But now it seems that things are changing.
With mortgage rates easing, people who want new homes are out shopping and have more to choose from than in previous years. As a result, sellers might have to tap dance a little harder to make their homes stand out.
Real estate experts say sellers should be patient if they want to get the best possible price. Sellers might have room to wait for the right offer or negotiate.
Meanwhile, if sellers wish to buy a new home, there should be plenty of supply, even during the normally brisk spring market
So if you want to buy or sell, put on your dance shoes. The best number is playing now and it is time to do-si-do!