The summer season is nearly over, which means that the temperatures are about to chill off here in Oakland County, Michigan. And whilst there’s no assure, it looks like the housing market may also cool together with it—as a minimum barely. in step with a recent article from realtor.com, many experts assume that, while the fall shopping for season may be competitive, it won’t be quite as frenzied as the spring or fall.
One indicator supporting that projection is the tempo of rate increase. consistent with the item, the country wide median home charge hit $385,000 the week finishing August 14 (the very best on document). That price represented a 8.2 percent boom year over 12 months—a particular boom in fee, however notably less than the 17.2 percentage increase from April 2020 to April 2021. stock is also beginning to increase (in step with information from the country wide affiliation of REALTORS®,1.32 million houses have been to be had for sale in July 2021—a 7.3 increase from June)—and the greater stock is to be had inside the fall, the less difficult the house search technique will be for shoppers.
So, what does this imply for you? There’s no denying that fall is shaping up to be a competitive season for real property—however with slowing fee boom and growing inventory, it may prove to be much less competitive than it’s been for quite a while.
A lot of people think the best time to buy a house is during the Spring market. And, it is……in the sense that more houses are listed for sale in the Spring. But, there’s also a heck of a lot more buyers trying to buy those listings. Buying a home in the fall has it’s advantages the the spring listings.
The thing is, some of the houses listed back in the Spring don’t end up selling. (Usually just because they were overpriced.)
Now, it isn’t like new listings don’t happen in the Fall. There’s always new listings coming on the market. But it’s not like, just because it’s Fall and not Spring, prices are necessarily going to fall. In other words, new listings aren’t likely to list for a lot lower than you would have seen in the Spring.
However, the homeowners who did list back in the Spring, are much more likely to be anxious (perhaps even desperate) to sell their home. They’ve created their own problem…they missed the boat by pricing too high.
Which is great news for you, if you’re looking to buy a home:
- Less competition. (Many buyers stop looking at this time of year…for no good reason.)
- Motivated sellers. (They’re sick of being on the market, and wondering why nobody bought their house.)
But it isn’t always easy to find those listings. They don’t wave a white flag, or lower their price to some ridiculous amount everyone would notice. If only it were that easy…
Just because someone listed their home back in the Spring doesn’t mean they’ll be all that negotiable.
There are certain things a great real estate agent will know to look for.
And I love rolling up my sleeves and finding the ones we can most likely negotiate the best deals on.
So, got anything you want me to roll up my sleeves and look for? Real estate deals won’t just fall in your lap, but I can certainly help you find one this Fall.
Want another reason to buy a home in the Fall?
You can take advantage of year-end sales to outfit your home!
Hardly anybody buys a home who doesn’t want (or need) to make improvements, however small. So why not coordinate your purchase with sales on items you’ll need? According to Consumer Reports, September is an ideal time for buying carpet and paint. In October lawn mowers go on sale, and the same goes for appliances and cookware in November.