Summer is on it's last days and fall is coming - to some places quicker than others. What does that mean for the real estate market? It's no secret that the summertime market is usually "hottest" and things begin to cool off like the weather as September and October set in. In 2022, this is probably no different, but the real estate market always has some tricks up its sleeve.
What to Expect
We know we can expect the following based on past and current market trends:
- Inventory will remain low
- Interest rates will continue to rise
- The eagerness of buyers will vary from situation to situation
There isn't magically going to be a bunch of houses dropping from the sky anytime soon, so it's safe to say that inventory will remain the biggest headache in the market. Fall approaching means a fresh start for many, so keep an eye out for hopeful open-minded buyers who are ready to go.
Interest rates are rising. This is an unfortunate fact for many right now. However, it's important to note that in many cases, interest rates are still at historic lows. It's a great idea to remind clients of this when they are feeling low about the new highs.
It can be tricky as an agent to navigate buyers right now because of the varying levels of eagerness. This will continue to vary in each unique situation, which any good agent knows. Buyers may feel overwhelmed by lack of inventory or defeated by rising interest rates. They also might be motivated by these same factors and want to purchase their next property ASAP.
Fall for Agents
The market this fall will likely continue to do more of the same. It has the potential to slow some, due to the factors above, but the real estate market is still at a unique point in time. People still want to get settled before the holidays.
So, this fall season for agents shouldn't be overlooked. Seize this opportunity to network more. Go to fall carnivals in your town, get out and about with your loved ones at local events and do your best to network and market yourself. Schools are back in session so consider sponsoring a sports team by putting a banner of your company up at football game, etc. Anything to get your name recognized in the community will help your business grow.
This is also a great time to motivate your sellers and buyers. Sellers are typically #overit by the time fall rolls around. They don't want to see another season with the home they are trying to sell. So, buyers should use this to their advantage because why not?
There's pros and cons to every season but fall is just another opportunity for agents to get the deal done.
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