I love Autumn. October Baseball, College Football, kids soccer, warm afternoons but cooler mornings, and lately some awesome sunsets. But in terms of real estate, this year feels more like Fall than years past. That’s because prices are falling. What does this mean if you are a seller or a buyer in the local housing market?
Like the sign “welcoming” you to a haunted house, Sellers should take caution. No, the market isn’t necessarily haunted, but it’s not the same market we saw in the Spring. With steady price growth, and now rising interest rates, buyers are a little more timid to pull the trigger on your home. If you overprice it, it will sit – the market stats below are proof of that. On the other hand, if you price it right, inventory is still tight enough, and the economy strong enough, to even see multiple offers. Don’t clown around, price your home to sell if you want to sell it!
What about buyers? I am telling my buyer clients to get ready for the opportunity they may have missed during the last 12 months. Even in a strong market, there are fewer buyers competing for homes during the Fall months. Add to it rising inventory and real sellers will be ready to negotiate. I’m seeing more contingent offers get accepted and sellers willing to work with buyers as compared to a 6 months ago. More and more buyers are in the driver’s seat in this market, and I expect that to continue through the winter.
Stay tuned for more on the changing market and if you would like to sign up to receive my 2019 Market Forecast, send me an email and I’ll add you to the list.