The Fall Real Estate Market
The fall housing market is going to make some changes.
Some say that the housing market is cooling off and homes are not selling as fast as they used to. Based on information provided by the Housing and Mortgage Market Review there is still a 90 percent probability that homes will continue to sell for higher prices for at least two years.
Despite this information there is some suggestion that the market is slowing down. Homes are no longer selling within a matter of days. The average home is on the market for 17 days versus the two to three days at the beginning of the year.
In the fall there should be more homes since not as many people purchase homes during the fall. Families with children want to get into the home before school starts. There are more homes on the market and people looking to purchase them. This may reduce the bidding wars between buyers. The buyer may be able to get the home closer to the asking price or in some cases a little below it. Mortgage rates are still at an all time low and rental prices are still high. This is encouraging people to purchase their home and with less of a demand there are more homes to select from.
No one can tell a person when the time is right for them to buy or sell a home. There are some things that they need to keep in mind. Springtime is the peak season as things do tend to slow down in the fall. If a person does not need to sell their home right away they can get more money for it in the spring. The housing market is still a seller’s market but it may take a little longer to sell the home in the fall.
A buyer needs to make sure they are preapproved for a mortgage. This will allow them to know homes that will fit into their price range. They can then begin the home search. If they find a house that they like they can put an offer in on it and begin the closing paperwork.
A Good Time
While it seems that the peak for home sales is coming to an end, it is still a good time to sell the home. While the market is returning to a balance it is not a bad time to sell a home.