March Madness!
By Chris Petry
March Madness is here! March Madness is here! Wait a second, what is March Madness anyway? In all actuality, it’s the term for a specific NCAA Division 1 men’s basketball tournament, originating back to 1939. The single-elimination tournament is played by 68 teams, mostly during the month of March. Hence the name.
Now, let’s talk about another kind of March Madness. Of course, I speak of the pickup in the real estate market that happens every Spring. Maybe it’s the first taste of warm weather, the chirping birds, the budding flowers or the feeling of being “caught up” financially after the fiscal hit from the holidays, but people seem a lot more incentivized to buy and sell by the time March comes to a close. This year might be the best Spring for home sales in sometime. According to Zillow, the number of Spring homes for sale is at its highest in five years. More than 15% higher than last year’s pool.
If there’s one thing preventing that number from being even higher, it’s probably the uncertainty around interest rates. In 2024, the Federal Reserve made three cuts to rates but recent comments have implied that rate increases will be fewer or in smaller increments this year. That leaves the average mortgage interest rate at around 6.6% as of this writing. Which, as it’s been said numerous times, is higher than rates leading into 2020 but still lower than historical averages.
With all that in mind, it’s safe to assume that projections of increased sales based on the uptick in inventory are sure to hold. What about the rest of the year? Growth, albeit at a slower place. After a major market shakeup, like the one we had in 2020, it can take quite a while for things to reach some semblance of normalcy. We are headed in the right direction; we just have a bit longer to get there.
Still, if you’re planning on buying or selling in the coming weeks, well, you won’t be the only one! March Madness, as alluded to earlier, doesn’t just live on the court. Home sellers will be taking advantage of the break in the weather to tidy up and increase their home’s curb appeal. Buyers will be antsy to get moved and moved in before summer vacation and the beginning of a brand-new school year. Spring has a lot of appeal to both buyer and seller. There’s no denying it. March Madness in the real estate market, begins now.
If you’re ready to list your home or you’re in the market for a home, perhaps even your first, the first step would be to reach out to an agent from your local branch of Berkshire Hathaway HomeServices Stouffer Realty. If one thing’s for sure, they have the training, tools and know-how to help guide you through this and any other time of year’s market. So, what are YOU waiting for?
