5 Fast Facts on Fall Real Estate Home Buying & Selling
Written and Sourced by: The Rhodes Group, (author) Burton Rhodes, August 10, 2021
Wondering about the fall real estate market? Well, overall this year the real estate market is shaping up to be another banner year, but as far as relative levels of activity go, it seems to match past ‘normal’ years.
In other words, we saw the typical flurry of buyer activity in the spring followed by a slower summer market. Although prices remain at record levels, we are seeing a “normal” market as buyer fatigue sets in from higher-than-ever prices and the hot summer calls people out of town.
Not to worry though, sellers: even if you missed the hot spring market, we anticipate buyers will be back and well-rested from summer vacations for that early fall activity spike this September and October.
Here are five facts to consider as you get ready to buy or sell this fall:
5 Fall Real Estate Market Facts
- Buyers are a bit more cautious. A few things are at play here: growing inventory, all time high pricing, buyer fatigue, and summer heat have all contributed to a slower summer market (relatively speaking). The volatile conditions we’ve grown accustomed to have taken their toll on those in the market to buy a home, especially over the last few months. So they’re taking a breather, hoping conditions will cool slightly before they get back in the game. Which leads us to our next point…
- We’re seeing fewer multiple-offer sales. Because of this buyer hesitancy, those wanting to sell their homes this fall need to be more price-conscious than they would have been in months prior. Competitive, but not overly aggressive pricing is going to be key as velocity decreases.
- Prices are (still) the highest they’ve ever been, so even though they’ve finally plateaued, sellers can take solace in the fact that average home values are still very high. But the days of paying $2 million for a listing valued at $1.5M (yes, some agents are really trying this) seem to be over.
- Mortgage rates are expected to rise—and soon. While it’s true interest rates on mortgage loans just dropped to a six-month low, the looming threat of their eventual rise is likely to drive sales through the end of this year.
- Timing is crucial for a successful home sale. Sellers need to get their properties on the market quickly if they want to capitalize on the early fall uptick we typically see each year (last year excluded!). Choosing an expert agent with decades of experience in your neighborhood is the key to a low-stress, high-reward home sale.
To read more from this article, visit: https://www.therhodesgroup.com/fall-2021-real-estate-market-facts/.