Following the 2008 real estate market crash, the United States has gracefully rebounded into a more balanced market. The Spring market has notoriously been a favorable time to buy and sell real estate. Flowers are in bloom making for great photographs, the temperature in Atlanta hasn’t yet reached a boiling point, and Spring makes it easier for buyers to uncover potential problems with properties compared to winter months. This Spring was no different. Competition was high and buyers and sellers were often experiencing multiple offer situations. The market has slowed down a bit but that actually makes the Fall a perfect time to purchase real estate. With more inventory on the market and the average number of days on the market being a little higher than in the Spring, buyers have more room to negotiate to get the best deal possible.
With all of the negativity in the political world of the United States, the housing market is actually a highlight and great place to focus time and energy whether for purchasing a primary residence or investing in property to make a buck or two. This is evident when you look at the number of pending sales in the residential market. When an offer is accepted and a contract becomes binding, the status in the multiple listing service is changed from “Active” to “Pending”. This allows us to get a good idea of how pricing effects home sales and at what price people are willing to take homes off of the market.
Another reason to shop for homes in the Fall is because the weather isn’t necessarily favorable. This allows you to see you home in a more vulnerable state than next to the bright, sunshine of spring. When the leaves fall and homes are more exposed, buyers can see the bare bones of what they are purchasing. In the Fall, buyers will typically also have more one on one attention from their real estate agent. The hustle and bustle of the Spring market can sometimes have agents spreading themselves too thin, which lends fall to be an optimal time to engage with an advisor.
While the market is favorable for buyers, sellers are in a good position as well. An important fact to consider is that if you want to wait to sell until prices reach new heights, you have to remember that the price of your next purchase will also increase. Overall statistics show that Fall is indeed a better to buy a home, and the Home Sentiment Index published by Fannie Mae further supports this data. For more information on rates, market data to support your decisions, or a simple consultation for your next transaction, please feel free to contact one of our exceptional real estate Advisors here.