The fall real estate season has typically been the transition from the busy summer market into winter – when the activity slows. This year may be an exception to that rule with summer’s momentum continuing into the colder months with buyers reaping the benefits.
Fall real estate trends are expected to look different this year compared to typical fall trends. And as we’ve learned the past 8 months, expect the unexpected.
If you’re interested in making a purchase this fall or winter, you should make note of these six things: price fluctuations, less inventory, low mortgage rates, fast paced activity, more demand, and year-end sales for home improvement.
Less Inventory: There aren’t enough homes to keep up with demand, and it doesn’t look as if the fall real estate market will provide us with any answers.
Fast-paced Activity: Competition is expected to be fierce over the available properties. With average homes for sale receiving multiple offers, time is of the essence for interested parties.
Low Mortgage Rates: To keep the housing sector afloat amidst the pandemic, the Fed has announced it will continue to keep mortgage rates low for the next few years.
Price Fluctuations: Any price drops are only expected to be temporary. Pent-up demand has already increased prices in some areas, and low-interest rates are being used to spur more activity.
More Demand: The more people that find jobs, the more likely demand will continue to increase.
Year-end Sales for Home Improvement: Homeowners looking to make improvements need to take advantage of the dramatic year-end sales if they are looking to save some money. What’s more, the money saved at the counter can increase the value of a home, which can indirectly save homeowners even more money.
Buyers who capitalize off of the fall trends will find benefits, and working with a qualified real estate professional who understands the unique ins and outs of specific markets will ensure your success.