While autumn is fast approaching, home prices are also starting to climb up. The US Real Estate market has also experienced different trends just like with stocks exchange, rising and falling prices of energy and as well as the possibility of Federal Reserve's interest rate increase this year.
According to thestreet.com, the autumn residential real estate market seems to be in a good shape this year. Jonathan Smoke, chief economist for Realtor.com said "Recent stock market volatility and seasonal trends may give buyers better financial options and more time to make purchase decisions entering the fall. August data remains positive with regard to overall housing health as both demand and supply continue to grow."
He also added that investors and consumers are on the lookout of an opportunity where "supply and demand merge in a way where deals are fair to everyone." Smoke also added, "This year we [saw] inventory continue to grow in August, and while overall demand is strong, the trend in median days on market is suggesting that the market is finding more of a balance. This bodes well for would-be buyers who have been discouraged by the inability to find a home to buy this spring and summer."
According to boston.curbed.com, autumn season promises a lot of good things for the real estate market. One example is the city of Boston where tenants can lookout for incentives in luxury rentals where newer developers might offer 'free' months in order to fill in their new units. Also, lower prices for condo units are starting to be the trend in the city to compete with other condo units that has high- asking prices.
Other places are also experiencing a slowdown in real estate market but the prices are still increasing steadily. Sissy Lappin, co-founder of ListingDoor.com, in Houston said that "We have lost the majority of the transferee market from oil companies, so the market is stabilized. The market is not crashing; it's just returning to a normal market. 2014 was crazy and sellers could dictate the price and terms. That's no longer the case."
