Seasons change and so does the housing market. We knew that the all-out seller’s market we’ve experienced over the past 12-18 months could not last, and over the summer we saw a shift towards the buyers begin. The signs have been there for a while – longer days on market, price growth slowing, sale price to list ratio decreasing – and September’s sale stats show this trend is continuing. What we are NOT experiencing is a crash or a collapse, and it is important to make that distinction. In several of our towns – including Acton and Westford, average sale price is up on last year’s high, showing that values are still increasing. Whilst most homes are taking a little longer to go under agreement, days on market are actually down year on year in Concord and Lexington, where demand for homes remains high. And in most areas the average sale price is the same or greater than the list price - another good indicator of demand. If you are thinking of selling then you should act fast to take advantage of the boom in buyers during the fall season – more buyers can only be a good thing for those keen to sell. Read our recent blog to find out how you can sell with confidence this fall season.
The good news for buyers is the number of available homes is on the rise – the number of single-family homes is in double figures for the first time in a while in towns such as Winchester and Bedford. Longer days on market mean more opportunity to shop around and compare several homes before making an offer. We are also seeing the return of contingencies in offers, which offers protection all around. However, with prices still climbing (albeit at a slower pace) and interest rates on the rise, it doesn’t pay to hesitate over your home-buying decision. This fall could be the optimum time to buy, while there is still a good choice of homes to buy and before the interest rates jump again. Get more tips on buying a home at this time of year in our recent blog post.
If you have any questions about buying or selling during the fall, or would just like to know more about the housing market, talk to one of our experienced agents. They’re happy to discuss the market in your local area and help you find out what your home is worth. Get in touch today!