As buyer fatigue sets in, what does this mean for the fall real estate market in your Dallas neighborhood? Here’s what we expect for Lakewood real estate over the next few months.
Wondering about the fall real estate market? This year has shaped up to be dynamic yet resilient in terms of housing, seeming to match the most recent years. This despite slowdowns in other housing markets around the country. Just like previous years, we saw the typical flurry of buyer activity in the spring followed by a slower summer market. So we’re optimistic about the fall market.
Low inventory is still the main market driver despite the high interest rates. Buyers are still competing for homes that are still just trickling onto the market. We are hovering around one month’s worth of inventory and have been for quite some time.
Here are five facts to consider as you get ready to buy or sell this fall:
5 Fall Real Estate Market Facts
- Buyers are a bit more cautious. A few things are at play here: higher interest rates, all time high prices, buyer fatigue and our recent heat wave contributed to a slower summer market (relatively speaking). The volatile conditions we’ve grown accustomed to have taken their toll on those in the market to buy a home in Lakewood, especially over the last few months. So they’re taking a breather, hoping conditions (and temps) will cool slightly before they get back in the game. Which leads us to our next point…
- We’re seeing fewer multiple-offer sales. Because of this buyer hesitancy, those wanting to sell their homes this fall need to be more price-conscious than they would have been in months prior. Competitive, but not overly aggressive pricing is going to be key.
Prices are (still) the highest they’ve ever been. Even though the prices of Lakewood homes have finally plateaued, sellers can take solace in the fact that average values are still very high. But the days of paying $1 million for a listing valued at $750K (yes, some agents have really tried this) seem to be over. - Mortgage rates are at the highest levels we have seen in years. Fingers crossed that the rates have plateaued and will begin to come down in the near future. These higher rates took a little while to affect home sales, but now we’re seeing a somewhat thinned buyer pool in Lakewood. Those more sensitive to higher payments have moved to the sidelines to wait for rates to come down.
- Timing is crucial for a successful home sale. Seasonality matters. Sellers need to get their properties on the market quickly if they want to capitalize on the early fall uptick we typically see each year. Choosing an expert agent with decades of experience in your neighborhood is the key to a low-stress, high-reward home sale.
In a volatile market like this, hiring a real estate agent with real neighborhood knowledge in Lakewood has never been more important. Knowing how to create buzz, work multiple offers and select the “right” contract (hint: it’s not always the highest price) is an art in and of itself. So if you’re ready to get a jump on buying and selling for the fall real estate market, don’t wait — reach out to our team for expert advice now.
Markets change on a dime. When you need expert advice, call us.