HERE'S YOUR WEEKLY LISTING REVIEW FOR

108 S Stevens St

Hi Jessica,

The local market is moving at a very fast clip right now—we saw 2 more properties go pending just this past week. We also had a showing ourselves; I’m still waiting on feedback from that agent and will let you know as soon as I hear anything. While we wait, our online engagement remains at its post-price-cut peak, which is a vital sign as we compete with 6 other listings (including 2 brand-new arrivals). The fact that neighbors are going under contract proves that buyers are active and making decisions quickly. I’m monitoring these 2 new competitors closely to make sure our value remains the most compelling choice for the next buyer ready to tour.

Thirty-six days into the Iran conflict, the market narrative remains dominated by the crisis. While mortgage rates have already climbed from 5.99% to roughly 6.5%, the full impact of the oil crisis is likely 1–2 weeks away as pre-war shipments run dry and the Strait of Hormuz closure hits the economy. I’m watching this closely.

In response to rising rates, weekly pending sales slipped to 70,676 and purchase applications slowed to 1% year-over-year growth. However, total pending sales of 380,914 show that demand is still present. Locally, we have an advantage: new listings are down year-over-year, meaning less competition for us. Currently, 34.4% of sellers are using price cuts to find the "sweet spot," so staying sharp with our positioning remains our best strategy.

Looking ahead, a strong March jobs report (178,000 added) means the Fed has a 0% chance of reducing rates right now. We are watching the vote for the new Fed chair arriving in May; while some speculate he might drop rates, the economic data gives him little reason to do so. We’ll see how this transition and the oil situation will dictate market momentum.

– Haydn