Here’s what you need to know about our changing real estate market.
As we move closer to the holiday season, what is our real estate going to look like? I’m asked this question all the time, so I want to go over what you can expect from our market moving forward:
Our crazy market isn’t going anywhere; however, I expect us to see a bit of a slowdown. Typically, the fall and holiday seasons come with a slowdown in the real estate market, and I don’t expect that to change this year. After all, no one wants to move during the holidays and school year.
This will result in a slight downtick in demand. Then, as fewer people compete for homes, it will take properties longer to leave the market, and supply will slowly increase. Meanwhile, interest rates are still at an all-time low. This could mitigate some of the seasonal slowness. Even with high prices and the holiday season, demand could stay high as people try to take advantage of these interest rates.
<p class="pullquote">“While our market is still crazy, we should expect things to slow down a little bit. ”</p>
Another factor to look at is buyer fatigue. There are a lot of buyers from the spring and summer who put tons of offers on homes but were never able to close. They’ve been sitting out of the market, but with a slowdown coming, they could enter back in. This would prolong our crazy market, and it would make the seasonal slowdown less noticeable.
At the end of the day, no one can predict the future. However, I hope this post highlighted what you should be looking out for in our market. If you have any questions about today’s topic or anything else, please reach out to me via phone or email. I am always willing to help.