Not every housing market is the same right now – and that’s why local expertise matters more than ever. Some areas are still super competitive for buyers. Others? Homes are sitting longer, and buyers are re-gaining power in negotiations. The key is to know what’s happening where you live. Because understanding your local market can make all the difference when it’s time to buy or sell. Let’s talk about what things look like in our area and how to make your best move in today’s market.
For a long time, the housing market was all sunshine for sellers. Homes were flying off the shelves, and buyers had to compete like crazy. But lately, things are starting to shift. Some areas are still super competitive for buyers, while others are seeing more homes sit on the market, giving buyers a bit more breathing room.
In other words, it’s a tale of two markets, and knowing which one you’re in makes a huge difference when you move.
In a buyer’s market, there are a lot of homes for sale, and not as many people buying. With fewer buyers competing for these homes, that means they generally sit on the market longer, they might not sell for as much as they would in a seller’s market, and buyers have more room to negotiate.
On the flip side, in a seller’s market, there aren’t enough homes for sale for the number of buyers who are trying to purchase them. Homes sell faster, sellers often get multiple offers, and prices shoot higher because buyers are willing to pay more to win the home.
For years, almost every market in the country was a strong seller’s market. That made it tough for buyers – especially first-timers. But now, things are shifting. According to Zillow, the national housing market is balancing out (see graph below):
The index used in this graph measures whether the national housing market is more of a seller’s market, buyer’s market, or neutral market – basically, whether it favors buyers, sellers, or if it’s not really swinging either way. Each month, the market is measured between 0 and 100. The closer to 100, the bigger the advantage sellers have.
The orange bars in the middle of the graph show the years when sellers had their strongest advantage, from 2020 to early 2022. But, as time has gone on, the market has become more balanced. It shifted from a strong seller’s market to a less intense one. And lately, it’s been neutral more than anything else (that’s the gray bars on the right side of the graph). That means buyers are gaining some negotiating power again.
In a more balanced or neutral market, homes tend to stay on the market a little longer, bidding wars are less common, and sellers may need to make more concessions – like price reductions or helping with closing costs. That shift gives today’s buyers more opportunities and less competition than a couple of years ago.
Inventory plays a big role. When there are more homes for sale, buyers have more options – and that cools down home price growth. As data from Realtor.com shows, the supply of available homes for sale isn’t growing at the same rate everywhere (see graph below):
This graph shows how inventory has changed compared to last year (blue bars) and compared to 2017–2019 (red bars) in different regions of the country.
The South and West regions of the U.S. have seen big jumps in housing inventory in the past year (that’s the blue on the right). Both are almost back to pre-pandemic levels. That’s why more buyer’s markets are popping up there.
But in the Northeast and Midwest, inventory is still very low compared to pre-pandemic (that’s why those red bars are so big). That means those areas are more likely to stay seller’s markets for now.
Every local market is different. Even if the national headlines say one thing, your town (or even your neighborhood) could be telling a totally different story.
Knowing which type of market you’re in helps you make smarter decisions for your move. That’s why working with a local real estate agent is so important right now.
As Zillow says:
“Agents are experts on their local markets and can craft buying or selling strategies tailored to local market conditions.”
Agents understand the unique trends in your area and can help you make the best choices, whether you’re buying or selling. With their expert strategies, you can move no matter which way the market is leaning, because they know how to navigate various levels of buyer competition, how to find hidden gems locally, how to price a house right, how to negotiate based on who has more leverage, and more.
If you’re ready to make a move, or even just thinking about it, let’s connect. That way, you’ll have someone to help you understand our local market and create a game plan that works for you.
What’s one thing you’re curious about when it comes to the market in our area?
There’s a lot of talk about a recession lately and how the odds of one are rising. If you’re wondering what that means for the housing market, here’s what the data tells us. While you may remember the price crash in 2008, that’s not the norm. Looking back all the way to 1980, home prices usually rise and mortgage rates tend to fall. If you have questions about buying or selling a home in today’s market, let’s have a conversation.
Spring is in full bloom at Encanterra®, and there’s no better time to celebrate community, connection, and good times! From festive Easter fun and gourmet dinners to toe-tapping concerts and creative classes, April is packed with exciting #MyTrilogyLife events that you and your guests won’t want to miss.
Here’s your inside look at what’s coming up at Encanterra:
Spring Fling: Easter Fun for the Family
Saturday, April 19 | 9:00 AM – 12:00 PM | Algarve Lawn
Egg hunts, face painting, crafts, donuts, the Easter Bunny & more.
Kids 2+ $10.90 | Adults & under 2 free
Register by April 13
Easter Brunch at Encanterra
Sunday, April 20 | 10:00 AM – 4:00 PM | Mallorca Events Center
Chef-crafted brunch with action stations and kid-friendly options.
$50 Members | $60 Non-Members | $15 Kids 6–12 | Free under 5
Reserve on OpenTable
Earth Day: Make a Terrarium
Tuesday, April 22 | 3:00 PM – 4:30 PM | La Cocina
Create a succulent terrarium. All materials provided.
$22.88 per person
Register by April 11
Carpe Vinum: Italian Wine Dinner
Tuesday, April 22 | 6:00 PM – 7:30 PM | West Lawn
Multi-course dinner with Italian wine pairings.
$95 Barrel Masters | $115 Non-Barrel Masters
Includes passport stamp
Thursday Social Mixer
Thursday, April 24 | 5:30 PM – 8:00 PM | Algarve
Dance to favorite hits from the 70s to today. Beer tastings by AFT Brewing.
Free to attend | Food & drinks available for purchase
Concert Series: Garth Live Tribute
Saturday, April 26 | 7:00 PM – 8:30 PM | Algarve Lawn
High-energy Garth Brooks tribute concert plus food trucks.
$38.13 per person | No coolers or outside food
Spring Wine & Spirits Showcase
Monday, April 28 | 5:00 PM – 7:30 PM | Mallorca Events Center
Taste wines and spirits from 20+ premium vendors.
$35 Barrel Masters | $45 Non-Barrel Masters
Puzzle Palooza #3
Tuesday, April 29 | 1:00 PM | Location TBD
Compete solo or in teams to finish puzzles the fastest.
$16.34 per person
Tuesday, April 29 | 6:00 PM – 7:00 PM | Mossa
Learn the art of swing dancing with professional instructor Kevin! This one-night class will cover fun moves, turns, and combos to get you ready for your next night out.
No partner required. Dance or dress shoes recommended (no sneakers).
$21.79 per person (includes tax)
Tickets are non-refundable. Member accounts will be charged upon registration.
Register now – limited space available!
Thursday, May 1 | 5:00 PM – 7:00 PM | Bodega
Experience a curated evening of rare Japanese whisky and exquisite food pairings. Hosted by Itai, this intimate, seated tasting will feature:
Hakushu 12 Year Single Malt – with Unagi Nigiri & Yakitori Chicken
Nikka Yoichi Single Malt – with A5 Wagyu, Tsukemono, & Roasted Sweet Potato
Yamazaki 12 Year Single Malt – with Yuzu Tart & Fresh Berries
$103.50 per person
Tickets are non-refundable. Member accounts will be charged upon registration.
Reserve your seat today – limited availability!
Thursday, May 1 | 6:30 PM – 7:30 PM | Mallorca Events Center Room A
Celebrate motherhood with a fun, lighthearted trivia night! Bring friends or join a team when you arrive. Test your knowledge of all things mom for a chance to win prizes.
Light snacks provided. Beverages available for purchase.
$5.45 per person (includes tax)
Tickets are non-refundable. Member accounts will be charged upon registration.
Sign up and join the fun!
Ready to register?
Head to your Encanterra member portal or contact the Concierge to sign up for any of these amazing events. Many fill up quickly, so don’t delay!
Whether you’re looking to connect with neighbors, entertain family and friends, or just try something new—there’s something for everyone at Encanterra this spring.
See you around the community! Source: #MyTrilogyLife
If you’ve been holding off on buying a home because of high mortgage rates, you might want to take another look at the market. That’s because mortgage rates have been trending down lately – and that gives you a chance to jump back in.
Mortgage rates have been declining for seven straight weeks now, according to data from Freddie Mac. And the average weekly rate is now at the lowest level so far this year (see graph below):
While that may not sound like a significant shift, it is noteworthy. Because the meaningful drop from over 7% to the mid-6’s can change your mindset when it comes to buying a home. Especially when the forecasts said we wouldn’t hit this number until roughly Q3 of this year (see graph below):
According to Joel Kan, VP and Deputy Chief Economist at the Mortgage Bankers Association (MBA), recent economic uncertainty is playing a role in pushing rates lower:
“Mortgage rates declined last week on souring consumer sentiment regarding the economy and increasing uncertainty over the impact of new tariffs levied on imported goods into the U.S. Those factors resulted in the largest weekly decline in the 30-year fixed rate since November 2024.”
And the timing of this recent decline is great because it gives you a little bit of relief going into the spring market. Just remember, mortgage rates can be a quickly moving target, so you should expect some volatility going forward. But the window you have as they’re coming down right now might be the sweet spot for your purchasing power now.
Even small changes in rates can make a difference to your monthly payment. Here’s how the math shakes out. The chart below shows what a monthly payment (principal and interest) would look like on a $400K home loan if you purchased a house when rates were 7.04% back in mid-January (this year’s mortgage rate high), versus what it could look like if you buy a home now (see below):
In just a matter of weeks, the anticipated payment on a $400K loan has come down by over $100 per month. That’s a significant savings. When you’re making a decision as big as buying a home, every bit counts.
Just remember, shifts in the economy drove rates down faster than expected. But that can change, making rates volatile in the days and months ahead. So, if you’re waiting for rates to fall further before you buy, think hard about the current window of opportunity if you’re ready to act.
Mortgage rates have dipped, giving buyers a bit more immediate breathing room. If you’ve been waiting for rates to ease before jumping in, this could be your window.
Would a lower monthly payment make buying a home feel more doable for you? Let’s break down the numbers and find out.
Many people are hoping mortgage rates will come down before they buy a home. But will that actually happen? According to the latest forecasts, experts say rates will decline, but not by as much as a lot of people want.
The good news? Even if they don’t drop substantially, there are still ways to make buying a home more affordable.
A few months ago, experts were forecasting mortgage rates could dip below 6% by the end of the year. But recent projections suggest that may not happen after all.
While mortgage rates are still expected to decline some later this year, projections from Fannie Mae, the Mortgage Bankers Association (MBA), and Wells Fargo now show them stabilizing closer to 6.5% by the end of the year (see below):
That means if you’re holding off on buying a home in hopes of much lower mortgage rates, you may be waiting a while. And if you need to move because something in your life has changed, like a new job, a new baby, or a marriage – waiting that long may not be an option.
Since rates aren’t expected to decline as much as originally expected, it may be worth considering alternative financing options that could help you get into a home sooner rather than later. Here are three strategies to discuss with your lender to see if any of these make sense for you:
1. Mortgage Buydowns
A mortgage buydown allows you to pay an upfront fee to lower your mortgage rate for a set period of time. This can be especially helpful if you want or need a lower monthly payment early on. In fact, 27% of agents say first-time homebuyers are increasingly requesting buydowns from sellers in order to buy a home right now.
2. Adjustable-Rate Mortgages
Adjustable-rate mortgages (ARMs) typically start with a lower mortgage rate than a traditional 30-year fixed mortgage. This makes them an attractive option, especially if you expect rates to drop in the coming years or plan to refinance later.
And if you remember the housing crash, know that today’s ARMs aren’t like the risky ones back then. Lance Lambert, Co-Founder of ResiClub, helps drive this point home by saying:
“. . . ARM products today are different from many of the products issued in the mid-2000s. Before 2008, lenders often approved ARMs based on borrowers ability to pay the initial lower interest rates. And sometimes they didn’t even check that (remember Ninja loans). Today, adjustable-rate borrowers qualify based on their ability to cover a higher monthly payment, not just the initial lower payment.”
In simple terms, banks used to give loans without checking to see if buyers could afford them. Now, lenders verify income, assets, and jobs, reducing the risks associated with ARMs compared to the past.
3. Assumable Mortgages
An assumable mortgage allows you to take over the seller’s existing loan — including its lower mortgage rate. And with more than 11 million homes qualifying for this option according to U.S. News, it’s worth exploring if you want or need a better rate.
Waiting for a big decline in mortgage rates may not be the best strategy. Instead, options like buydowns, ARMs, or assumable mortgages could make homeownership more affordable right now. Connect with a local lender to explore what works for you.
How does this impact your homebuying plans this year?
If you want to sell your house, having the right strategies and expectations is key. But some sellers haven’t adjusted to where the market is today. They’re not factoring in that there are more homes for sale or that buyers are being more selective with their budgets. And those sellers are making some costly mistakes.
Here’s a quick rundown of the 3 most common missteps sellers are making, and how partnering with an expert agent can help you avoid every single one of them.
According to a survey by John Burns Real Estate Consulting (JBREC) and Keeping Current Matters (KCM), real estate agents agree the #1 thing sellers struggle with right now is setting the right price for their house (see graph below):
And more often than not, homeowners tend to overprice their listings. If you aren’t up to speed on what’s happening in your local market, you may give in to the temptation to price high so you can have as much wiggle room as possible to negotiate. You don’t want to do this.
Today’s buyers are more cautious due to higher rates and tight budgets, and a price that feels out of reach will scare them off. And if no one’s looking at your house, how’s it going to sell? This is exactly why more sellers are having to do price cuts.
To avoid this headache, trust your agent’s expertise from day 1. A great agent will be able to tell you what your neighbor’s house just sold for and how that impacts the value of your home.
Another common mistake is trying to avoid doing work on your house. That leaky faucet or squeaky door might not bother you, but to buyers, small maintenance issues can be red flags. They may assume those little flaws are signs of bigger problems — and it could cost you when offers come in lower or buyers ask for concessions. As Investopedia says:
“Sellers who do not clean and stage their homes throw money down the drain. . . Failing to do these things can reduce your sales price and may also prevent you from getting a sale at all. If you haven’t attended to minor issues, such as a broken doorknob or dripping faucet, a potential buyer may wonder whether the house has larger, costlier issues that haven’t been addressed either.”
The solution? Work with your agent to prioritize anything you’ll need to tackle before the photographer comes in. These minor upgrades can pay off big when it’s time to sell.
Buyers today are feeling the pinch of high home prices and mortgage rates. With affordability that tight, they may come in with an offer that’s lower than you want to see. Don’t take it personally. Instead, focus on the end goal: selling your house. Your agent can help you negotiate confidently without letting emotions cloud your judgment.
At the same time, with more homes on the market, buyers have options — and with that comes more negotiating power. They may ask for repairs, closing cost assistance, or other concessions. Be prepared to have these conversations. Again, lean on your agent to guide you. Sometimes a small compromise can seal the deal without derailing your bottom line. As U.S. News Real Estate explains:
“If you’ve received an offer for your house that isn’t quite what you’d hoped it would be, expect to negotiate . . . the only way to come to a successful deal is to make sure the buyer also feels like he or she benefits . . . consider offering to cover some of the buyer’s closing costs or agree to a credit for a minor repair the inspector found.”
Notice anything? For each of these mistakes, partnering with an agent helps prevent them from happening in the first place. That makes trying to sell your house without an agent’s help the biggest mistake of all.
Avoid these common mistakes by starting with the right plan — and the right agent. Let’s connect at SHEA PREFERRED REALTY
