We are fully engulfed in pumpkin spice, football, and everything that makes fall nice. But what does the fall season bring to the real estate market as we run up to the end of the year?
INTEREST RATES: It is anticipated that interest rates will remain steady but increase slowly throughout the rest of the year.
INVENTORY: In most of the country inventory is holding steady, but is lower than ideal. November is the end of the second busiest inventory season of the year: if a move is in your future, it is time to put your moving plan into action now.
DAYS ON MARKET: When inventory is low, it typically leads to a correspondingly low number of days on market. That happens because buyers are waiting and watching for properties in good condition that are priced well. The more repairs the home requires or higher the price point, the days on market can creep up.
Typically, if homes do not sell within the first 10 days on the market, it can take 45 days to grab the attention of an interested buyer. It is critical to price your home appropriately from the start. You want to avoid having your property sit on the market over the holidays when buyer traffic slows considerably.
The fall market is a great time to make a move and this year it may be a particularly good time for both buyers and sellers.