Is fall the new spring for the housing market? It just might be. Spring is generally known as the premier time to sell your home or buy your next one. However, don't overlook fall as the perfect time to sell or buy. Here's why.
1. Interest rates
Interest rates are still low. Record low. Numbers have gone below 4% again as we head into fall. Potential buyers should be taking full advantage of these rates. For sellers that could mean an increase for potential buyers.
2. Make Fall Your Decorator
Fall time in Minnesota (and more specifically the St. Croix Valley) is gorgeous. It's the perfect time to take advantage of those yellows, oranges, reds that can make your home even more vibrant. Use fall decor such as pumpkins or mums for some extra charm. Add a couple of apple cinnamon or nutmeg scented candles for that warm,"fall" smell.
In the Twin Cities area, there is a slight (very slight) increase in new listings compared to this same time last year. Which is good news for those buyers who either couldn't compete in the multiple offer market situation we saw this past spring or just didn't find the house they wanted. For sellers, the better news is the average time a home is on the market has decreased while the median sales price has increased from last year.
4. Serious Buyers
In today's world, buyers are more knowledgeable about homes and the market than they have ever been. They have done their research and their homework. For those thinking of selling, that could be a little intimidating but the buyers who are looking are serious. And with inventory still low, many buyers will do what it takes to stand out including having a pre-approval letter, not asking for closing costs, or even going above asking price.
5. Less Competition
Less competition is a plus for buyers and sellers. The buyer pool is a little smaller in the fall market, so the risk of going into a multiple offer situation decreases. For sellers, there are fewer homes on the market compared to spring. Yes, every seller wants to have a multiple offer situation, but not having multiple homes competing in your neighborhood also helps.