It might be hard to believe, but we are seeing incredibly high demand for homes. It is not something new and housing experts have predicted that we would be seeing housing constriction for some time, but when homes come to market, they sell quickly, and generally for great terms. More significant than the demand for homes, is the constriction of inventory. For those contemplating the idea of listing their home, this presents a true advantage if your home is priced correctly. Let's dive into the all-important question. Will more homes be coming to market?
Spring, Summer, Fall Trends, in Reverse?
Traditionally, the peak of the housing market occurs is the spring buying season, and sellers in turn prepare homes to sell in the fall or winter months. As summer turns to fall, the market usually cools down. In 2023, we are not seeing this normal cycle. According to the latest data from Realtor.com, we see an increase in the number of homeowners listing their properties later than usual. The graph below shows indicators of the seasonal trend and the surge in August listings.
"While inventory continues to be in short supply, August witnessed an unusual uptick in newly listed homes compared to July, hopefully signaling a return in seller activity heading toward the fall season . . ."- Realtor.com
It is important to remember this is just one month, which could represent a fluke in the market, however, we are going to watch this carefully. It could indicate that the seasonal trends will be less felt by sellers and buyers will be looking for homes off-season as well.
Takeaways for Q4 2023 Sellers and Buyers
For sellers in the last quarter, it may be the ideal moment to take action. If we continue to see homes coming to the market, you may face more time on the market and more competition. In the Research Triangle Park, we see many many buyers looking regardless of the season. It is so important to realize that selling is a block-by-block value and your comparative market analysis really does change with who is selling around you.
For buyers, this can mean a bit more leverage in buying power but do not expect to face significant decline in prices. We are in historic constriction of inventory. Reversing the inventory deficit will not occur overnight, as highlighted in the graph below. Again, depending on your area and what type of real estate you are looking to purchase, we have solutions.
Waiting for additional competition to emerge in your neighborhood may not be in your best interest, neither will waiting for inventory to come to market and make housing much less expensive. The current moment presents an opportunity to sell your home and buy, but with an expert. If there were anytime to enlist the help of a licensed Realtor, it is now. Buying and selling where we have unusual surges that defy seasonal trends, really should be undertaken with an expert. My NC Homes has decades of experience in the Research Triangle Park. Consult with us if you need to buy or sell this fall.
Posted by Larry Tollen on
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