It's March Madness!

It’s March Madness time! The excitement is in the air, but wait—what is March Madness, really? Well, it’s the annual NCAA Division 1 men’s basketball tournament, a fast-paced, single-elimination competition that’s been running since 1939. It brings together 68 teams and is mostly played in—you guessed it—March. Hence the name.
 
But let’s take a quick sidestep, because there's another kind of March Madness going on right now, too. 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. And guess what? This year, we might be seeing one of the best Spring markets in a while. According to Zillow, the number of homes for sale this Spring is the highest it’s been in five years—more than 15% higher than last year’s inventory.


 
But there's a twist—interest rates. The uncertainty around them is still a big factor. While the Federal Reserve made a few rate cuts in 2024, the latest statements hint that any increases this year will be small or fewer in number. Right now, the average mortgage interest rate is sitting at about 6.6%. Sure, it’s higher than the rates we saw leading into 2020, but still lower than the long-term historical averages.
 
So, with more homes hitting the market and interest rates somewhat steady, the Spring market is shaping up to be a busy one. Will it keep growing throughout the year? Probably—though at a more gradual pace. After big shakeups like the one we saw in 2020, it takes a little time to get back to normal. We’re definitely heading in the right direction, though, and it looks like the market will only continue to improve.


 

But if you’re thinking of buying or selling soon, you won’t be alone. Just like the basketball tournament, there’s a real madness happening in the housing market this Spring. Sellers are getting ready to freshen up their homes and boost curb appeal. Buyers are eager to move before summer hits and the new school year starts. Spring truly is the sweet spot for both buyers and sellers. March Madness, round two, begins now.

So, if you're ready to take the plunge—whether you're listing your home or on the hunt for a new one (maybe even your first one)—the first step is to connect with an experienced Realtor (that’s me!). What are you waiting for? Let's get this March Madness started!