Over the last few years, the fall marks a market slowdown and this year is no different. As agents we run into the same thing, inventory goes up, so buyers have more to choose from and more time to think and sellers get frustrated.
This makes for the very BEST time of year for Buyers.
4 Reasons Why You Should Buy Now
- Inventory in the fall peaks to its highest point all year which provides buyers with lots to choose from. Imagine your favorite clothing store fully stocked with all the newest trends, that is the fall market!
- The mortgage rates are currently at their low for the year coming in around 3.97% currently.
- Sellers are always more open to negotiations in the fall because they don’t want their home on the market for the holidays and they definitely don’t want to carry it through the winter.
- If you wait until the winter you will have far less to choose from and the market pendulum swings back into the sellers favor.
Don’t believe us? Well, look at the weekly inventory tracker over the last year below. You can see that inventory is higher over the last few weeks.
Homes for sale:
If you notice above the inventory of homes for sale is at its lowest in the winter months. Then as the homes get listed the sales peak going into the summer because the prices are higher when the inventory is lower. We talked about this in depth in a blog earlier this year entitled: Buyers Don’t Worry…Nothing Lasts Forever and that forever ends now! As inventory peaks in the fall, sale prices end up lower when they close over the winter. See below to get a clearer picture of how the historic home sale price trends work.
So if buying is something you plan on doing in the next six months, right now is the time to make a move because there is more to choose from on the market. However, don’t be fooled into thinking the market is falling apart because it isn’t, so you cannot steal a home and you should be realistic with your offer. If the home is right for you, compare the prices to others that have sold and make a realistic offer! Given the market, the likelihood of having to deal with a bidding war is much lower but it still could happen.
If you don’t have a buyer’s agent we highly recommend finding one, they can be integral in ensuring you get the home you want! You can learn more here: Importance of a Buyer’s Agent When Buying a Home
What should a seller do?
If you are planning on listing your home this fall or you already have, no worries! The market is still healthy but be sure that your price is on point and you are realistic when you do receive an offer. Anthony talked about this in a September 16th Globe column he wrote called “Don’t get caught up in the bidding war hype”. To learn more about pricing strategies read our blog titled: Things to Consider When Pricing Your Home. We also released a blog a few weeks back that listed the 5 Tips to Sell Your Home for the Most Money this Fall! This is a great read if you are motivated and eager to get a Sold sign on your property. If you use these tips and price it right you should be sold and closed before the holidays.