Is the Real Estate Market Heating Back Up?

February 1, 2023

January and February are my LEAST favorite months because of the dreaded cold weather we experience here in the midwest. Today, February 1st, temperatures are frigid, but I’m sharing three signs that the real estate marketg, on the other hand, might be heating back up!

First, the number of applications for home loans has increased. The number of mortgage applications last week saw a seven percent increase and the week before that saw a 28% increase. Seeing the number of mortgage applications rise is a good indicator that the real estate market is picking back up.

Second, the number of pending home sales increased in December of 2022. That was the first time we had seen an increase in pending home sales since May of 2022. Of course, we are still going to need more inventory for the buyers looking for homes, but to see the increase from December is promising.

Third, we are finally starting to see some leveling off of interest rates. Each week since December 29th has shown a decrease in interest rates and as of today, the 30-year fixed rate is sitting slightly above 6%. Obviously, interest rates have a large impact on the real estate market, so seeing them finally dropping down to a more average rate is very promising.

Contact Danielle

The St. Joseph Real Estate Group

3723 Beck Rd., St. Joseph, MO 64506

Cell (913) 707-1705

Broker Office (816) 396-6076

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