Three major factors could be the reason behind the increase
1. first time buyer and existing homebuyer tax credit is set to expire on April 30th
2. the major snows of February prevented many people from shopping for homes, which pushed the purchases in to March
3. a possible threat of an increase in the current interest rates, which are still near record lows, have gotten many people off of the fence and into a new home.
Short sales and bank-owned properties continue to dominate homebuyers’ interest, and are keeping overall prices from increasing. Even though buyers begin with an interest in foreclosed properties, many times they find great values in resale homes that require less work, and will settle in a more timely fashion. (For an overview on the short-sale home buyer process click here.)
The next 30 days of April should continue to see strong market activity, providing excellent opportunities for both buyers to sellers.
If you have further questions, please don't hesitate to contact me - John Luca 302-999-6966