If you're thinking about leaping into the real estate market, the perfect time of year to do that would be the spring and summer because people are more willing to make the big move when the weather is nicer. Yet, due to this ongoing pandemic, the real estate industry hasn't been as booming as it was last year.
Fortunately, the tides are changing and 92% of agents that took part in HomeLight's Q3 survey revealed their market has improved or at the very least has stayed the same. Let's take a look at what agents predict for their market as we go into autumn.
1. Perfect time to sell
Most real estate agents who were surveyed said they are currently in a seller's market. People that have taken their houses off the market at the beginning of the pandemic, they're relisting because there is an influx of buyers entering the market. Plus, sellers can list their homes a little higher because there is a high demand for houses and the inventory isn't as robust as it should be.
2. Fewer houses on the market
Real estate agents are saying it's a seller's market because there are fewer houses available for buyers to choose from. While this may be seen as a negative for buyers, it's a good thing for sellers because there's a high likelihood of receiving more offers. There may even be instances where buyers enter a bidding war because they absolutely love the house and don't want to let it go.
3. Pricing increases
Building off of the previous predictions, it is logical to say that the housing prices will increase - that's the law of supply and demand after all. Of course, seller's must be cautious when listing because they don't want to be priced so high that no one will even glance at the house due to sticker shock. This is where a real estate agent will be able to advise you of a good listing price.
4. People will start new renovation projects
Shopping for a house would be perfect if we could find the house that is exactly what we want and it's ready to move in. Sadly, that's rarely the case and one of the only ways you can be sure you're getting your dream home is to do renovation projects. Buyers can negotiate with the seller to make concessions so the buyer can update some areas of the home. Or they can tackle projects after they've closed.
Now, if you want to put your home on the market and make your home more appealing to buyers, you can do your research to find out what amenities are in demand in your neck of the woods.
5. Submitting clean offers
When a buyer is ready to put in an offer, they might ask the seller to help pay closing costs or ask for repairs. Sometimes there will be a contingency where they must sell their own house first before moving forward with the sale. While these things are reasonable requests, if you're really trying to get your offer approved, you may want to submit a clean offer - meaning you aren't asking for anything and the deal can be wrapped up nice and easy. These clean deals are highly alluring to sellers because that means more money in their pocket and closing can take place on time.
