Now let’s get this out of the way right here. Before we go any further. As a proud Brit, my British friends and clients will be very upset with me if I don’t acknowledge that the ‘correct’ name of this spectacular season, is, in fact, AUTUMN. There, I’ve said it. Let’s move on….
In terms of the fall (sorry) property market, it’s much like the changing of the clocks. ‘Spring forward, fall back’ is a great reminder that after the forward momentum of the spring market and the dip in activity over summer, with fall, everything is BACK ON.
Inventory starts to increase once more as does buyer and seller motivation to complete deals before the holiday season commences.
If you’re looking for a home, you may have noticed that inventory started to come back with a vengeance around mid-September and from a listing agent’s point of view (mine), open houses have been much busier than they were over summer, although not as frenzied as those in spring.
For buyers this could go one of two ways. If you’re looking for a highly sought after property in a hot neighborhood – that elusive and affordable 3 bedroom apartment in Park Slope or the Sunset Park town house for under $1.5M and ripe for development – you may find yourself competing with a bigger pool of motivated buyers who may have missed out in the spring market and have continued their ultimately fruitless search over the summer. If you’re a buyer looking for this kind of property you’ll more likely find yourself in a seller’s market with less of a chance of getting an accepted offer under the asking price.
However, as the market for properties over $2M continues to be soft, there may be deals to be had. Those who HAVE to sell might be more motivated to accept a lower offer, particularly as the fall property market quickly drops off as we reach Thanksgiving and head into winter. You may see price reductions in properties that would otherwise have held out for their asking price in the spring market.
As money remains cheaper to borrow, this also bodes well for buyers, who may be able to afford more than they thought they could initially. It’s therefore prudent to check in again with your favored lender to see if you can lock in a lower rate.
All this said, my advice in this market remains the same. When selling, price right to achieve lots of foot traffic and a quick closing. When buying, know your market so you can recognize when a property is a great deal or equally when it’s overpriced.
And you know what I’m going to say next. Whether buying or selling, find a broker that you trust to represent you through the process and educate you on the market in the neighborhood you live in or are targeting for a purchase.
Did I mention I work in real estate…..? 😉
For a conversation about how I can help you buy or sell, reach out to me anytime at firstname.lastname@example.org or by phone at 718-499-4174. I look forward to talking to you!