Fall Market Update 2023

It’s that long-awaited time of year. The weather *should* cool down, the trees will turn vibrant colors, Halloween decorations will start to come out, AND the real estate market should show signs of the cyclical fall market.

Historically, we tend to see a small uptick in real estate activity around this time of year when summer trips are completed and the kids are back in school. That said, with volatile, higher interest rates, it will be interesting to see what September and October bring. If it’s similar to last year, it will be a slower time and a great opportunity for buyers. I am seeing an uptick in coming soon properties, indicating that even though we are in a supply deficit buyers may have slightly more options throughout September into mid-October. We do usually experience a tangible slowdown around the holidays during the final months of the year into January.

Although rates have been hovering around 7-7.5% in recent weeks, we are still seeing some activity and even competition due to SUPER low inventory. The “lock-in” effect continues to impact the market with homeowners with sub-4% interest rates staying put. This year, we have had less sales overall with less sellers putting their homes on the market and less buyers interested in purchasing. We are still in a seller’s market with inventory levels staying at less than 1.5 month’s supply in all segments of the market currently. But buyers are pickier with the high rates, so a listing either needs to be turn-key or priced correctly to reflect the updates needed.

Here are my top recommendations for those who sell and purchase this fall.

SELLERS –

• It is important that your home has great presentation for buyers. Gone are the days that any home will come on the market and sell quickly at top dollar. The top two recommendations I almost always make are: fresh, neutral paint and either a good carpet cleaning or new carpet. Your agent should come by and make room-by-room recommendations to set you up for success.
• Price correctly. Get yourself a great agent who will looks at the data and give you an HONEST opinion on where you should price to sell. It isn’t always the best decision to price right at the top of the neighborhood, but sometimes rather at a price that captures a larger buyer pool (keep in mind, buyers look in $25K increments). Each situation is different and deserves thorough research.

BUYERS –

• Make sure you have a savvy agent who is in the field daily and knows what the market looks like in the area you are interested in. Your agent should be able to either help you compete or get you a better deal depending on the market in your specific area, budget, and home type. All these details make a difference.
• Speak with your lender about different loan programs available to lower your rate. Many lenders have gotten creative, offering credits to buy down your rate and programs to help.

It will certainly be interesting to see just how the fall market progresses. Currently we are still seeing competition on updated homes, and homes that need a little work receiving less interest overall but generally still receiving an offer within the first month on market. If a buyer is willing to put in a little work, they could very well find a good “deal.”

As always, if you want a hard working Realtor who is dedicated to her clients, I am just one call away.