Here’s why home prices may soon start to drop in our market.
Are prices going to drop? In the last couple of weeks, I’ve had two buyers decide to wait until prices drop.
Typically, real estate markets start cooling off in autumn and continue through the holiday season, particularly in the Northeast. Kids are going back to school, and parents are focusing on getting them settled. However, some enter the market during this time so that they can take a little more time viewing homes while still having time to settle into their new house before the holidays. By the time the holidays arrive, people are often too busy to think about buying and moving.
We call all these changes “seasonality”, and as a result, we start to see prices drop. Some late summer sellers price their homes without anticipating the decrease in demand. Also, homes that aren’t presented well are much more difficult to sell and tend to linger on the market a little longer. When seller’s homes sit on the market too long, they get nervous and either make a price reduction or accept a lower offer.
When prices fall, there will be more opportunities for people to buy homes at a more attractive price. Within the last 30 days, there have been 164 home price reductions in our area. Looking forward, we expect the market to stay strong, and when the new year begins, the market will heat up again. When buyers rush back in, there won’t be enough homes for the demand. Being proactive within the next 30 to 60 days may make all the difference for you as a buyer.
If you’d like to see my list of price-reduced homes, send me an email, and I’ll send you a copy of the map and list. If you have any questions about prices decreasing or real estate in general, feel free to call, text, or email me. I’d love to help you.