Market Update For Fall 2021
Okay so the fall market, what have we learned recently, we've learned recently that sales have actually come down a little bit because inventory has come down tremendously in the summer, so a lot of my smart buyers have been buying the past few weeks because they are out there looking. They need a home and there is a little less competition right now.
Here's what I know. I know we can't get to a buyer's market unless we have at least six months of inventory. Now, right now we're still teetering right at, and right above a month, but in the last few weeks all that inventory has been dissolved and then reloaded, so basically, staying at a month's inventory. It still put us in a seller's market. However, as we know the sentiment is a little slower for the fall because seasonality has returned for a number of reasons, that gives us an opportunity to go out, and buying a little less crazy of a market, each property though we're finding is different. Now, the big thing that's happening to recognize is that that house that's listed at $550 and sold for $600, that neighbor in the last couple weeks has now decided that they want to ask $625 or $600. That's causing them to do some price reductions as we move into the fall. That's our seasonality. That's happened almost every single year in the history of my real estate career.
So what does that tell you? That tells you that the spring and early summer sellers made out big. The summer people are looking for numbers even bigger, and that's just gone too far because the buyers see a house that they thought was $600 got outbid to $650. Now they see one at $650 and they're thinking, "Man what do I have to pay? $700?" No, you don't. So a lot of times right now, yeah you're still going to pay $650 for that next one, or maybe even a little more, but it's not going to be as frenzied, and if the seller has gotten too greedy, they're actually going to have to reduce.
So for more information on what's going on in the market, I'm always available to you at 484-880-2388. It's going to be a great fall! The market's still great. The market's still going up. It's just greedy sellers who are giving you an opportunity.