Change is the one constant in the universe.  And with that said, the real estate market has changed a lot in the past year.  It certainly is not as robust as it was last year at this time.  But is this good or bad?

With interest rates creeping up to their highest level since July 2002 (though still at very affordable levels) and consumer confidence faltering a bit the housing market is no longer enjoying the rapid run up in prices that we saw just nine to twelve months ago.

According to the Mortgage Bankers Association both refinance and purchase money loans are down from the same period last year.  For more on the MBA's Mortgage Application Survey click on MBA Weekly Survey. 

For the glass half full crowd the market is quickly becoming a buyer's market due to the still relatively low cost of funds and the near record high number of homes on the market.   Gone are the days of scrambling to be the first in the door and trying to beat out the multiple offers.  Now is the time when buyers can take a little extra time to find their dream home. 

Personally, I am finding it a great time to work with buyers because together we can find them a home that fits their needs and desires as well as negotiating better prices and terms.  I would encourage anyone interested in buying a home this Spring to begin the process now.   It is a lot of fun and looks to be a great season for house hunting.