Lately, I’ve been meeting with other top producing agents in the area and discussing a variety of topics including what we are all seeing in the market this fall. I personally have seen a shift in the market since mid-August. Other top agents are seeing the same shift.
The spring and summer months were full of multiple offer situations and houses receiving offers that were over the asking price after only being listed for a few days. Open house turnouts were very strong, some houses seeing 30 to 40 people. As over the past few years, the number of buyers looking at homes was much higher than our inventory. If properties were priced correctly, they were
under contract quickly. But, as of August, we are seeing a shift which might favor the buyers a little more. Houses are seeing longer active days on the market before receiving offers. Houses in the higher price ranges and properties that are unique are also seeing a slowdown.
Now, it seems that there are fewer buyers, fewer showings, and in many cases, houses are staying on the market significantly longer than just a few months ago. Open house turnout has slowed and requests from buyers to see new and existing inventory has slowed down also. Some sellers are considering options that they would not have considered a year ago, like accepting offers with a home sale contingency or even home owner financing.
This is good news for buyers looking to purchase this fall. It has been a competitive market for buyers, but with a slight slowdown, buyers will have more opportunity and less competition for the available homes. The real estate market in our area is still strong and financing rates are still low.
There are a lot of reasons why it’s a good time to both buy and sell now, but it’s important to talk to your real estate agent about the best plan for your situation. Whether you are buying or selling (or
both), having a plan in this type of market is critical to achieving your real estate goals.
Have a Real Estate Question?
Feel free to email me any of your questions and I would be happy to answer them next month in this column or directly to you. Email me at firstname.lastname@example.org