August 18th-24th Market Statistics Breakdown
In the current real estate market, the influence of the summer season is apparent. As we gradually move away from a market impacted by COVID, we are transitioning back to a more traditional market influenced by seasonality.
At the end of summer, there has been a decline in listings, pending homes, and sales as people enjoy the last moments before the start of the school year. This has led to an increase in the average days on the market. However, home prices remain stable despite rising interest rates due to limited inventory.
Many sellers benefit from low-interest rates and are hesitant to enter the market, contributing to low inventory for the past three years. However, buyers have gained some leverage in negotiations. As we approach the fall season and tackle affordability challenges, we expect homebuyers to become more assertive in bargaining for price and terms.
Various options are available to counter high mortgage interest rates, such as exploring a 2-1 buydown loan. If you’d like more information, we can connect you with a lender to determine if now is the right time to buy.
We predict that the fall season will experience the usual surge in activity from September until Thanksgiving. There is still a brief window of opportunity if you’re considering selling. On the other hand, if you’re interested in buying, the fall can be a favorable time with less competition than the spring season.
If you want guidance on what the fall market could mean for your goals, please contact us for personalized assistance.