Sales may have slowed with the season change, but the housing market is still going strong.
Homebuyers, home sellers, buying a home, selling a home, October Housing Report, RE/MAX National Housing Report, statistics, housing market
It's not unusual for home sales to slow down in the fall as school schedules and cooler weather encourage more buyers to root down for the winter. According to the October RE/MAX National Housing Report, this September was on trend as home sales dropped 8.6 percent from August.
Yet the numbers also reveal a thriving housing market: Sales were 6.8 percent higher year-over-year from September 2014 and the median sales price rose 7.2% year-over-year to reach $209,000.
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What this means for home sellers:
The number of homes available for sale in September was 3% lower than August and 12.8% less than September 2014. Reduced inventory definitely gives sellers an edge as buyers compete over fewer properties, but you still have to remain competitive. Update decor where necessary, spruce up the yard and do whatever you can to make your home really shine. An experienced agent will have suggestions for catching the right buyer’s eye.
What this means for homebuyers:
Don’t panic, the lower inventory shouldn't discourage you because there also was a dip in sales from August, which indicates there may be a dip in competition for your perfect place. On top of that, homes were on the market in September an average of three days longer than in August, which is another indicator of buyer activity slowing down. And more encouraging news for you: Prices in September were down 3.2% from August, so autumn may be the time to score a deal. If you're ready to make your move, consider enlisting the help of a Realtor, who will have experience navigating (and winning) a bidding war and can help you remain calm under pressure.
Find a local RE/MAX agent who can give you more insight on what the numbers mean in your area – and help you when you're ready to buy or sell.