As summer comes to a close, with school starting, and Fall just around the corner, September brings a time of transition. If you’re thinking about selling your home, you may be hearing reports of inventory trickling back on the market in some locations and bidding wars appearing to be slightly less common.
Here’s some insight on why it’s still a great time to sell your home.
One Month Does Not Make a Market Trend
The operative word is trickle. Housing inventory has been declining for six years, so rather than comparing month-to-month data, we look at the industry over a 10-year span. Although inventory and days on market are trickling up in some markets and the number of multiple offers are trickling down, there are still multiple offers, low inventory, homes selling in less than 30 days, and for top dollar.
Buyers Re-entering the Market
Some buyers may have taken a summer break from looking for a home after losing five, six, seven, or more deals last spring. We believe buyers re-entering the market this fall are likely to cause a buying surge in the fourth quarter of this year.
Although median sale prices have increased by an average of more than 20% over the last year in our market, we don’t believe this level of appreciation will last forever. Affordability for buyers is still very attractive due to interest rates remaining under 3%, as they tend to buy monthly payment, rather than price.
Declutter, Stage, and Price Right
Homes receiving high and multiple offers over the past year were staged, decluttered, in good condition, and priced right – which are all still necessary in this market. Buyers used to have a vision for what they want the home to be after settlement. Now, the majority of consumers seem to want move-in ready. Many buyers don’t have the time or capital to invest in renovations and want to move in and start living.
If you’re planning to sell a home this fall, it’s essential to have a knowledgeable real estate agent advise on the best ways to prepare your home for sale to maximize your investment.
To find out your home’s value or for questions about this complex real estate market, please contact your Long & Foster agent.
For more information, visit longandfoster.com.