Buyers have been told all summer that we are in a sellers’ market. One of the main reasons for this is that a housing inventory shortage has caused competition for properties to be fierce. However, fall is fast approaching, which means, based on housing trends, sales will slow down and homes may sit longer than they did over the summer.
While this news may discourage sellers, buyers may get the opportunity they’ve been waiting for. Many sellers are hesitant to move during the school year, and many have purchased new homes in hopes of selling their old property. Covering two mortgages is daunting for most, so sellers may be willing to be more flexible with the price negotiations if their prior home hasn’t sold.
With sales slowing down, buyers willing to look in the “off season” also reap the reward of having fewer people on the hunt for homes, and thus a smaller chance of getting into a bidding war with someone.
Whenever you do put your offer in, once accepted, make sure to schedule a Parkwood Property Inspection on your new home.