Fall 2017 Housing Market Predictions
It’s that time of year! As we transition from swimsuits to sweaters and flowers to football, those of us in real estate are heading into the fall market. So, what are our Fall 2017 housing market predictions? Read on!
We anticipate interest rates will remain fairly steady but increase slowly throughout the rest of the year. Follow us on Twitter for up-to-date interest rates throughout the season.
Our area has been in a state of low inventory for a long time and we see no sign of change. That being said, September to November is the second busiest inventory season of the year so if you are thinking of a move, the time to start looking is now.
DAYS ON MARKET
When inventory is low, we typically see a correspondingly low days on market, even more so at entry-level price points or properties in walkable locations or close to Metro. That is because buyers are waiting and watching for properties in good condition or that are priced well. The further out the home or higher the price point, the days on market can creep up, which can be a problem.
Typically, we’re seeing that if homes don’t sell within the first 10 days on the market, it can take 45 days to snag an interested buyer. If not sold after 45 days, homes are sitting for at least four months or longer. If you’re selling this fall, it’s critical to price your home appropriately at the start of the fall market. You want to avoid having your property languish on the market over the holidays when buyer traffic slows considerably. The holiday season is also when deal-seeking buyers come out of the woodwork and make low ball offers.
THINGS TO WATCH
We are seeing an uptick in buyers searching for new construction. That means if you’re selling your home, you need to be able to compete! Your home must show well or be priced accordingly. As noted above in the section on days on market, you want to priced your property competitively off the bat to sell early in the fall market so your home is not “stale” over the slower holiday season.
THE BOTTOM LINE
The fall market is a great time to make a move. Our Fall 2017 housing market predictions point to a particularly good time for both buyers and sellers.
If you are thinking a a move, contact us today to get started. We’d love to help you love where you live!
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