It’s been a tough year for would-be home buyers. There’ve been fewer homes for sale each month even as demand continues to grow. Homes have been selling despite the meager inventory — but it’s well-priced homes in in-demand neighborhoods that are moving quickly, and they’re going to buyers who are pre-approved for a mortgage, ready to make a decision and willing to be reasonable when it comes to contingencies and demands.
As fall rolls in, the balance shifts slightly towards the would-be buyer, even though the National Association of Realtors expects nationwide inventory to be down about 8% by the end of August.
But this all presents opportunities for seasonal buyers, as the number of buyers falls, what with school starting, vacations ending and the weather getting less cooperative. Also, homes that didn’t sell earlier in the season are beginning to show signs of shelf rot. There’s nothing wrong with them, it’s just that they’ve been on the market for two months or more and the sellers are getting antsy.
Buyers who are willing to be a little flexible and who have their financing lined up should be able to find something that suits them, even if it might not have been their first choice.
In fact, seasoned real estate agents tell us that buyers are in the driver’s seat in most market from now until about February, when the season begins to shift toward spring and a new batch of freshly updated homes comes onto the market.
So act now. Arrange our financing, be flexible and be ready to decide. You could be moving in before Thanksgiving!