What to Expect in the Fall Housing Market
By Leslye Fligor, Realtor
Fine Properties Group
Buying a home has never been easy… and in the first half of 2022 it was a nightmare as eager buyers found themselves in bidding wars, ultimately paying dearly to secure a property. It’s not rocket science – money was cheap to borrow and the supply of homes did not meet the demand of buyers. Sellers have largely been able to enjoy this wave, which has typically resulted in big payday.
But, as the weather has cooled, so has the market. Over the past few months, the housing market has shifted. Higher mortgage rates have thinned the pool of buyers, prices have lowered a bit, and the concept of negotiating an offer has returned.
Real Estate expert and Chief Economist @ Realtor.com, Danielle Hale, anticipates that buyers will have more opportunities and less competition to purchase homes this fall. There will be a greater inventory supply, and buyers will be able to insist on home inspections and other common-sense contingencies, and in some locations even negotiate on offer price.
The fate of the housing market is largely dependent on mortgage rates. As of this writing, according to Freddie Mac, rates are the highest they’ve been since 2008 and more that double what they were one year ago. Rates hit an average of 6.02% for a 30-year fixed-rate loan in the week ending Sept. 15th – up from 2.86% one year ago. Rates vary tremendously depending on the loan and the lender, so savvy buyers need to be diligent in shopping for a loan. Rents are also rising, making the concept of securing a fixed mortgage appealing to buyers.
Will home prices go down? “Prices will decline a little bit more than would be common seasonally,” says Hale, “But they’ll still be higher than what they were one year ago.”
The takeaway – There simply aren’t enough homes for sale for everyone who wants one. The MetroWest market remains desirable based upon strong public-school systems and access to major roadways. If it makes sense for you to buy or sell, there’s no reason to delay.
And regardless of if you’re buying, selling, or staying put now is the perfect time to go the extra mile and spruce up your home’s landscaping.
My advice? Nothing sets the tone better than a front yard that is beautifully landscaped. Swap out overgrown shrubbery for attractive new plantings and reap the benefits of your hard work for the rest of the season!
Weston Single Family Real Estate Market Review
2021-2022 as of Sept. 26, 2022
Data from MLS PIN
Notable 2022 statistics:
Fewer listings listed and sold than in 2021
Significantly fewer Days on Market and Days to Offer than in 2021
Increase in Sale Price over 2021
