As cooler weather sets in and summer ends, the real estate cycle changes with the drop in temperature. Many buyers want to be nestled into a home before fall and sellers want their home sold during the optimum selling season. Real estate follows a natural procession with spring and summer being the most favorable time to buy and sell a property. Moving into the fall season there are fewer buyers, but on the other hand there are fewer homes on the market, which leaves less competition for those that decide to sell in the fall.
It’s not impossible to sell after the summer, but the psychology of the seller has to change with the weather. The stain on the kitchen counter or the weathered carpet might not work for the prospective buyer in the fall or winter. Homeowners should minimize any known defects that will potentially turnoff the judicious buyer looking during the off-season. The homes condition is vital in the spring and summer, but even more important later in the year. Home buyers can usually be more selective during this period because they are not normally hard-pressed for time, compared to most buyers that are under time restraints during the summer.
Homeowners that have their home listed during summer and through the fall have to make concessions to achieve success. The right price is the highest priority. Astute buyers realize they have more leverage after the summer months. The inventory of homes on the market have been well below average for the entire year. This has worked in the sellers favor and should continue through the end of the year. The weekly drop in mortgage rates suddenly stopped four weeks ago and have gradually increased in the last month. Mortgage rates has had a huge say in the ascension of the housing rally.
Supply and demand comes into play even more in the fall with the decrease in prospective buyers and the increase in the urgency of the seller. Some owners might decide at that point to take their home off the market until the next spring or summer. This tactic might only delay the inevitable necessity to make home improvements or a needed price adjustment. There are no guarantees the postponement will change what the seller should have done in the fall. Please visit my website www.JohnnyBrooksHomes.com for helpful tips on buying or selling a home, scan my informative blogs and easy access to view local area homes for sale in Davis, California and the surrounding communities.