Every day, those of us in real estate start off with notifications of new listings. In the past few weeks, those have started to include "back on market" houses, meaning that they were under contract, and had fallen through and were once again available. In addition, we are seeing more "price reduced" tags on listings, which is an indication that sellers may have been too aggressive in their pricing, given what they had heard about the state of the market.
Real estate is like that--it seems as though progression in prices and sales numbers would move more slowly, given the size of the overall numbers, but it often seems--usually in arrears--that there was one day, or one week, when things changed. That time doesn't always last, but the hiccup is noticeable.
What does that mean for the fall market? Buyers who were shut out during the spring season--now is your chance! Offers are more likely to be accepted, especially since fall and early winter sellers are likely to be more motivated. They can be aiming for a deadline at the end of the year, leaving before winter, or just finished with summer home renovation and improvement projects. Whatever the reason, sales may well move faster, with less backup for testing, qualifying, and closing.
Sellers, you also have another chance. Buyers, having often taken a summer break, are back. They usually mean business in the fall, since looking at houses in the busy days of autumn is not as often a fun activity, like browsing in a bookstore. They know what they want. If they have been frustrated with not getting a home in the spring, they know their limits, and they are qualified. Don't waste your time or theirs, by testing a very high price just to see what happens. Price realistically, even at or just below what you will accept, and get the transaction done. Remember that the first offer is very often the best offer, and don't take an early contract as a sign that you should raise the price. As Nike says, just do it.
