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THIS MONTH: YOUR SPRING HOME AND GARDEN
As March 20, the first day of Spring is nearly upon us, what better time than to start now to refresh your home and plant new seeds in your garden?
So I've pulled together some articles below for you to generate ideas and plans for your Spring home and garden.
I'm also pleased to share events around town that get us outdoors and enjoying this gorgeous weather which is equally perfect for attending Farmers Markets!
ON THE REAL ESTATE FRONT
The big news right now on a national level is that current data indicates that the market appears to be shifting in favor of buyers with 3.5 months of supply.
This means that those buyers who had been on the fence may now be ready to finally enter the marketplace.
This news is also favorable to Sellers as this increases the population available to buy your home.
However several challenges remain, and continue to impact home sales. The most difficult of these continue to be higher home prices and fluctuations in mortgage interest rates.
Lawrence Yun, Chief Economist at the National Association of Realtors, had this to say:
"Mortgage rates have refused to budge for several months despite multiple rounds of short-term interest rate cuts by the Federal Reserve. When combined with elevated home prices, housing affordability remains a major challenge."
On the other hand, with higher inventory up 3.5% month-over-month, and 16.8% year-over-year, this might impact the marketplace in the following manner also according to Yun:
"More housing supply allows strongly qualified buyers to enter the market. But for many consumers, both increased inventory and lower mortgage rates are necessary for them to purchase a different home or become first-time homeowners."
Current Mortgage Interest Rates as of March 5:
- 30-year Fixed - 6.746% [last month 7.05%]
- 15-year Fixed - 6.036% [last month 6.46%]
- 15-year FHA - 6.99% [last month 6.46%]
- 30-year Fixed V.A. - 6.793%
If I can help provide you with a Competitive Home Analysis [CMA], tap on this phone number --> (985) 629-1705 to call me today!
MARKET HIGHLIGHTS
Below, please find national real estate housing data and infographics from the National Association of Realtors. Keep reading to view the summary for the Louisiana market and in particular, St. Tammany and Tangipahoa Parishes.
We think you'll be most interested in what is happening here, but it helps to be aware of national market trends.
Please keep in mind that on the national level, data lags one month behind.
National Snapshot for the Month of January:
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Pending Sales - decreased 4.6% month-over-month [while in the regional South they decreased 9.2%]
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Existing Home Sales - decreased by 4.9% - month over month
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Home Prices - increased 2.0% - year over year
Ongoing Challenges:
- Fluctuating Inventory
- Fluctuating Interest Rates
- Financing for First Time Home Buyers
- Insurance Rates
- Ongoing Increase in Home Prices
The month of January continued to trend toward a Sellers Market with 3.5 months of Inventory [NOTE: Last month it was 3.3 so inventory has gone up]
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