While there’s no denying the housing market is having a great year, many of the headlines are focused on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage rates versus price appreciation as you search for your dream home. If you find yourself a bit discouraged, hear this: there are clear signs buyers may have more opportunities this fall.
According to realtor.com, the sweet spot for buyers is just around the corner. Here is what is predicted:
Increased Housing Supply
The number of homes available for sale should increase. According to realtor.com, you can expect to see more new listings come to market soon. This means you’ll have more options to choose from which should be a welcome relief in a market with tight housing supply.
Fewer Bidding Wars
With more homes available, you should also see a slight decline in the number of bidding wars. Having more options means buyers may not be competing as intensely for the homes on the market because there are more choices to go around. But it is still important to give a strong offer.
Adjusted Homes Prices
As we move into the end of the year, the findings from realtor.com note there will be more price reductions. When housing supply ticks up, sellers need to look for other ways to make their house stand out. This means, while home prices are still appreciating overall, you may see some homes with price adjustments from eager sellers. The process of closing a house takes time. To close before end of year, sellers may be more motivated this October.
The Bottom Line
If you’re in the market for a home, don’t lose steam now. Data shows early October may give you the long-awaited opportunity to find the home of your dreams. Lean on a trusted real estate professional with WHIPPET PROPERTIES OF FLORIDA as your ally and advisor to help keep you motivated so you can find the perfect home.
This information is courtesy of Realtor.com and Keeping Current Matters, offered by KCM Crew.