With the summer of 2022 officially over, homeowners and prospective homeowners may feel it is too late to sell or buy a house. However, as mentioned in a recent article published by Realtor.com, “…the good news for buyers is that fall is typically the best time to buy a home—and this autumn is shaping up to be better than usual with a bumper crop of homes on the market with a longer shelf life than they’ve had in the past.” Instead of the real estate market being defined specifically as a “buyers’ market” or “sellers’ market”, experts believe that both sides of the real estate transaction will be in great positioning.
The price of homes continues to rise and homeowners recognize that they have significant equity in their home, at these prices, and realize this is a great time to cash in. However, the price increases are slowing a bit, offering some relief to those looking to buy home. Additionally, prospective home buyers are seeing more homes for sale and more time on the market, reducing the frantic rush to put an offer in on a home before multiple offers are received.
Mortgage rates have continued to increase, up to 5.89% as of the beginning of September. The higher prices coupled with rising rates is causing some would-be home buyers to attempt some negotiations and request concessions, despite the appearances of it being still a sellers’ market. And, sellers seem to understand that they can still walk away with significant gains. Simply stated, the article concludes, “In other words, buyers are driving a harder bargain than they could have during the raging sellers’ market of the past. And thanks to those high home prices, sellers who give a little still stand to gain a lot, creating that rare, beautiful possibility of a win-win scenario for all.”
Read the entire article.