Fall Prices
Home prices usually go down a little in Autumn. On average I don’t think they will go down much at all this fall because the inventory of homes on the market is so low.
A classic mistake that buyers make is to find a home they want and then wait for a price reduction. While they are waiting another buyer offers less than the asking price and buys the home. I have seen buyers lose out on homes during the slowest markets by using the “wait until the price is reduced” strategy.
The homes that sold last month were not on the market very long before they got an offer. Sellers who have had their home on the market all summer without any offers need to reduce the price now or take it off the market until spring.
Do you think there will be a rise in inventory levels this fall? It always seems like the closer we get to winter the inventory starts to grow. As low as interest rates are, and low home prices, buyers should be flocking to buy a house.
Our inventories usually go down in the fall. The reason people are not buying has nothing to do with prices or interest rates it has to do with lack of jobs and fear of losing jobs.
I couldn’t agree with you more. I was just making the point that with the current prices and conditions buyers should be coming out of the woodwork. Once confidence comes back, “jobs, we’ll start to see stability.