It’s been a Tough Winter, but Snow What?

We all know how rough this winter has been in the Northeast. Snow levels have been as high as 45” this season in some areas of Maryland, more than twice as much as the usual 20” that the state averages. As a result, schools and businesses have been closed much more often than normal, causing problems for parents and an economy that has been struggling to complete a full rebound.

Throughout this, the real estate market has followed an unusual path. While sales were up regularly on a year over year basis in 2013, a reduction in inventory began to threaten the progress. Interest rates spiked last summer, when the stock market began to turn bullish, but overall, sales during 2013 finished strong.

Prior to the winter season, we dealt with a Congress that shut down for more than two weeks, slowing progress with Government-backed loans. Now, because of the sporadic snowstorms, the recovery is delayed yet again.

But there is a bright side. There is still demand in the market, and the sellers that have been withholding are going to start listing their home because of the lower inventory and upward pressure on prices. There is also a threat that interest rates will start climbing again, pressuring people that have been taking their time to find a new home.

In this time before this last storm (hopefully the last, anyway), expect for a surge in activity when the weather breaks. Buyers will hit the market in a fury, and sellers will slowly start gaining the power back. Whatever your situation, contact me at www.HighPowerRealty.com or scott@scottmillerrealestate.com early to develop your best strategy for your real estate goals.