Well, we’ve made it to fall. Autumn. Whichever you prefer. What an autumn it’s shaping up to be, too! I’m sure we’re all relieved that 2020 can’t keep pumpkin-spice down, though. This has changed the entire landscape we once knew as “life” in all ways, except it left behind pumpkin-spice. Great.
However, buyers, it’s crucial that you do not read these headlines that you’re going to see in various local media publications touting that negative rhetoric, and hit the panic button. What they’re not going to tell you (or what they’ll bury deep behind the click-bait) is that while inventory is at a record low, it’s not because there’s nothing to buy. September saw around 6,400 new listings enter the market, which actually represents a 7% increase in new listings compared to September of 2019.
Homes are coming on the market, they’re just getting bought up very quickly. So, the lesson here is don’t read this clickbait and think you have to stop shopping and wait for an inventory surge. It’s pretty imperative that you don’t stop looking, in fact.
There are a number of variables coming in this 4th quarter that could affect some tangible changes in the market, and affordability. Interest rates should remain static through the end of the year, and there are zero signs that inventory is going to surge any time soon; there’s just too much demand. So, the longer you wait, the more expensive the house of your dreams becomes.
Sellers, the scenario here for you is pretty straight-forward. If you put your house on the market, it’s going to sell, and it’ll sell quickly, provided you don’t get too aggressive, and you price it correctly. The majority of the listings sitting in this market have made at least one price correction, so it’s still important to get this right before listing.
But if you’re sitting on a ton of equity and need to get to it, you need to get off the fence. There’s probably a buyer right outside the door waiting to throw money at you. Let them.