Homebuyers Can Expect Higher Inventory, More Choices This Fall
Housing inventory is at its highest point of 2021, according to data from Realtor.com. This means that, this Fall, homebuyers will have more homes to choose from and a less competitive housing market as compared to the last year.
In addition to higher inventory, the share of sellers (nationwide) who made price adjustments grew for the second month in a row in September — signaling that sellers are finding they must lower their prices to compete for buyers. Keeping in line with typical seasonal trends, homes are lasting on the market for slightly longer, giving buyers more time to make a decision.
This will create a favorable environment for prospective homeowners who want to buy a home while still locking in a low interest rate. Mortgage rates broke above 3% for the first time since June, according to Freddie Mac, but they're still hovering near historic lows.
Despite this good news for buyers, inventory is still historically low due to a number of reasons, including supply issues following the pandemic. Compared to years past, buyers will still face a limited inventory and thus more competition. However, if you're planning on buying a home this fall, call us today for a free Buyer's Consultation, where we can discuss with you all of the tips in which you can compete in a seller's market like this one.
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