Buyers had to be prepared to bring their housing A-game this year. Amid tight inventories of homes for sale and a tight lending environment, they’ve needed to get pre-approved for a mortgage, be laser-focused on what it is they want in in order to make quick decisions, and even forgo some contingencies to get the home they wanted.
Though active listings likely will fall more (8 percent over last year), the market still may be shifting slightly as the start of the school year arrives and give buyers more bargaining power, writes Jonathan Smoke, realtor.com®’s chief economist in his latest column.
“The real estate cycle has shifted into its slower fall phase, and we see it evident in the median days on the market,” Smoke says.
Active listings remained on realtor.com® a median of 65 days in May and June. In August, however, that is expected to reach 72.
“Demand follows a more extreme seasonal pattern,” Smoke notes. “The busiest month on average is June, and June has almost 75 percent more sales than December, the slowest month of the year.”
Weather can be a big culprit behind that trend. In some colder areas, winter can make it more difficult to buy a home, but the school calendar also plays a big role for many families. Many families don’t want to move when the school year is still in session.
In any case, “from now until January, buyers will have more inventory available relative to each sale with each passing month,” Smoke writes.
The very best month that tends to work the most in buyers’ favor: January, says Smoke. On the other hand, the cycle will likely shift again to favor sellers starting in February, he adds.
“When the cycle favors buyers, prices weaken and inventory sits longer,” Smoke notes. “So even in a tough ‘seller’s market’ like this one, the cycle can be your friend if you are willing to buy when others aren’t as interested.”
Serving more than 50 of the 100 largest metro areas in the United States, independent sales associates affiliated with NRT distinguish themselves every day by creating exceptional real estate experiences for their customers and their communities. But don’t just take our word for it. In 2015, REAL Trends ranked NRT as the #1 Residential Real Estate Brokerage Company for an unprecedented 18th consecutive year. It’s an honor we’ve achieved by focusing on exceptional customer service and consistently putting our clients’ evolving real estate needs first.
Whether you measure our performance in terms of size, sales volume or number of transactions, the leadership of the companies and sales associates represented by ColdwellBankerHomes.com is driving innovation and delivering value to homebuyers and sellers. As a result, NRT’s growing presence includes more than 44,000 affiliated sales associates and 4,900 employees in 727 offices, all ready to serve you.
Looking to buy a home in Whitehall? Check out this amazing deal!The Ci
"Client Feedback on Eric Hanas --
How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Sell
How did you find us: Referred by a Friend
Your most memorable moment: "when we found our dream home"
The moment you'd rather forget? "When we found out the first house we thought we wanted had major issues with water in the basement"
Eric was amazing! There were a lot of highs & lows throughout the process but he was patient, responsive and helpful through everything.
Will you Refer Eric:absolutely at a later time.