Why Are More Homeowners Selling Their Homes This Fall?
Typically, homeowners slow down their plans to move as summer ends, leading to fewer homes being listed in the fall. It’s a predictable seasonal pattern in real estate. However, this year has been different. As mortgage rates dropped just as inventory usually shrinks, many homeowners decided it was the right time to sell, leading to more homes hitting the market.
According to the latest data from Realtor.com, the number of homes listed for sale in September increased by 11.6% compared to the same time last year.
With mortgage rates falling at the end of the summer, many homeowners were motivated to make their move and put their homes on the market.
What Does This Mean for Buyers?
More homes on the market means you have more options to choose from right now. Rather than settling for properties that have been sitting unsold, you’ll find fresh listings to explore.
However, mortgage rates have been unpredictable in recent weeks, slightly rising again. This could affect how many homeowners feel confident enough to list their homes in the coming months. Mortgage rates remain a key factor driving sellers' decisions.
Why Buy Now?
Whether you’re a first-time buyer, looking for a bigger space, or downsizing, you currently have more choices than usual. If you find the home that fits your needs, it’s important to act now because these new listings won’t last forever. Staying in touch with a trusted agent will help you keep track of available homes in your area.
But keep in mind, one month of increased listings doesn’t necessarily establish a trend. What happens next will depend on mortgage rates and broader economic factors such as inflation, employment, and decisions by the Federal Reserve.
Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), added:
“The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices.”
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