As the weather cools, so too does the real estate market. This cyclical behavior is nothing new to real estate agents, but it can affect potential homebuyers and sellers. As we move into the last few months of the year, fewer homes will be listed for sale and those that are listed will stay on the market for longer periods of time. While this isn’t caused by just one factor, it’s usually a sign that people want to hunker down during colder portions of the year and spend time inside with friends and family during the holidays. Who wants to move during the holidays and when it’s cold outside? However, there are still those homebuyers and sellers that don’t have a choice. Whether it’s due to a job change, familial adjustments, or personal reasons, there are still those who will need to buy and/or sell their home. While the timing isn’t great, those looking to buy have the most to gain. Homebuyers will have more inventory to consider and they will have more leverage when it comes to price and other considerations once negotiations begin.
For the month of September, inventory rose to almost a year high – once again indicating that the market is cooling off. While residential closings were up 12.8% Year-Over-Year, it was the first time since June (and the biggest drop all year) that the total number of homes sold during the month of September dropped: a staggering 10.38%.