Should you buy this fall? See what an expert says about the upcoming autumn market.
If your spring and summer house hunting left you empty-handed, it’s time to stay vigilant in the upcoming weeks. There’s potential for some favorable opportunities ahead in August and September. Economist Jeff Tucker explains, “This period represents a ‘sweet spot’ where buyers are likely to encounter reduced competition while still having a decent array of choices to find their ideal home.”
Here’s the rationale behind this advice. Real estate typically adheres to seasonal patterns. Spring attracts a surge of homebuyers, while fall often brings extended days on market as buyers scale back during back-to-school time. Tucker points out that these trends have become even more pronounced in the past couple of years. Spring was hot, but late summer slowed down, offering buyers more choices and less competition. Tucker suggests keeping an eye on listings in August and September, especially if you faced tough competition in the spring. Summer 2022 went from high-speed to slow, similar to this year’s spring market. This fall might see a slowdown, creating new opportunities for buyers.
Here are three key insights into the upcoming real estate market:
- Enhanced Negotiating Power – Some sellers missed the spring market or listed their homes during the summer when demand slowed. Consequently, more listings are experiencing price cuts. Homes are staying on the market longer, and the pace of home value growth is decelerating. Buyers should watch for listings with price reductions and those on the market for over a week.
- Mortgage Rate Stability – Mortgage rates have become less volatile, staying within a narrow range in recent months. Although rates impact budgets, they aren’t a deterrent to buying this fall. Buyers can lock in today’s rates and potentially refinance later.
- Late Fall Market Slowing – The market is expected to slow further in late fall, reducing competition from buyers. However, fewer homes will be available for sale as sellers often wait until after the new year to list. While more homeowners are considering selling, new listings have hit seasonal lows, impacting inventory. Determined buyers can still find opportunities this fall.
In summary, this fall presents a favorable environment for buyers. To leverage this season’s unique dynamics to your advantage, contact a local Surterre agent at SurterreProperties.com today.
