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Autumn’s weather often has a cooling effect on the real estate industry. Since Covid, everything’s shifted and the fall real estate market is no different.
The pandemic’s trends of high prices and low inventory looks to be changing and just ahead of the winter season.
What can agents and homebuyers expect?
Here’s a quick look into projected trends so you can be prepared for what’s next.
The summer months brought down the prices slightly, giving buyers a small boost in the housing market. It’s a good chance it’ll continue to favor buyers by 2024.
Rates are going up and it doesn’t look as if there’s an end in sight. This will keep only serious buyers in the current market.
While the prices for buyers are trending downward, the available inventory is still historically low - close to 60% less than it was before the pandemic. The higher interest rates most likely won’t deter buyers due to the ongoing shortage.
July brought a 20% decline in sales from July 2021. As home prices and mortgage rates continue to go up, many potential buyers cannot keep up with the bidding wars building up around trending regions.
With rent expected to go up sharply within the next year, many renters are planning on making the switch to owning a home. With home sales declining, they may take advantage of the fall slow season in order to negotiate a better deal.
While the prices remain high and the inventory is low, sellers can still be picky about who they choose… for now. They’ll likely have to change their expectations vs hoping to favor a buyer who can afford outbid the competition.
Real estate trends are local and there’s no one better prepared to work with the buyers and sellers of your community.