The fall 2021 real estate market is now in full swing, and after a summer of extremely low inventory and high competition amongst buyers it is crucial to take advantage of this short but hot fall market while it’s here.
Market Stats
The summer months are typically slower in terms of sales volume as most people are more focused on enjoying the nice weather while it’s here, and fall is when the market picks back up and many people look to sell their homes. Here are the September 2021 Real Estate Market Stats for Durham:
What This Means For Buyers
If you’re looking to buy a home and were discouraged during the summer due to a lower number of options, don’t give up! More homes will be available during these fall months which means more options and less competition for each. You are still likely to end up in a multiple offer situation competing against other buyers, but with more inventory the competition should not be as high as the summer. Make sure you’re working with an agent who is constantly keeping up with new listings and informing you right away, that way you can get in early and try to scoop something up before everyone else has a chance.
Here are my biggest buyer tips for having success this fall:
- Get pre approved. This will let you know how much you’re able to spend so you can search for homes in your price range and make an offer as soon as you find something you like.
- Give your best offer first. The best way to avoid competition is to make a strong offer as early as possible. While most listings will have an offer presentation date, many of them also allow for pre-emptive offers. Have everything in place so that you are ready to make your best offer as soon as you find the right home, that way you can capitalize early before other buyers have a chance to make an offer. If your offer is strong there is a good chance that the seller will accept it before even receiving offers from anyone else.
- Go in firm. The most common condition that buyers include in their offers is financing, which gives them a certain amount of time to make sure that they are able to obtain a satisfactory mortgage for the home before the deal becomes firm. The problem with this is that many buyers are waiving all conditions and going in firm so that their offers are more attractive to the sellers compared to other offers. This is another reason that getting a pre-approval is so important. If you get pre-approved before you start looking at homes you will know how much you’re able to spend, meaning that you can confidently make a firm offer within your budget and not have to worry as much about whether you’ll be able to get a mortgage or not. This makes your offer much more attractive to the seller.
What This Means For Sellers
While more people will be looking to sell their homes before winter, this does not mean that it’s a bad time to sell. We are still in a very strong seller’s market with more buyers than sellers, and there are many buyers who have been unsuccessfully searching for homes all summer. These buyers motivated to find something and are patiently waiting for more homes to become available. Durham saw a 115% sale to list price ratio in September, which shows that homes are still selling above asking price with multiple offers. The market does tend to slow down in the winter, so fall is your best chance to get the most money for your home while it’s still hot. If you don’t sell during the fall you will either have to sell during the slower winter months (which you can still have success doing) or wait until spring when the market picks back up. If you’re considering selling in the near future you should definitely look to do it this fall.
Buyer & Seller Resources
Want to know how much your home is worth? Fill out my Home Valuation Form and I will send you a free CMA estimate within 24 hours. Find all of the information you need to get the best possible results buying or selling in my Buyer’s Guide or Seller’s Guide.
Questions? Interested in buying or selling? Please do not hesitate to reach out to me at any time:
My personal cell: 289-675-4882
Email: brad@braddornellas.com
