The Fall Housing Market
Updated: Feb 11, 2019
Fall is a transitional period for the housing market. Things tend to slow down a bit as the weather cools. Historically, more people sell in the Spring and Summer compared to Fall and Winter. Children are back in school which often means parents are busier with sports and other activities leaving less time to think about buying or selling. And honestly, the thought of moving in snow and cold just isn’t very appealing. But there are still plenty of us out there who will be involved in the housing market in some way.
There are 5 trends to take note of this fall if you are going to be involved in the housing market-buying, selling, or renting.
1: Supply is less than demand. Since less people are selling, there is a shortage of options for those looking to buy. There is also hesitation from those considering selling as winter is coming and the recent history of the housing market is less than desirable. This makes buyers feel limited. So if you are looking to buy this fall, be aware that there may not be as many options as you’d like.
2: Prices are increasing. Sources say prices went up 5% in August. With less options for buyers out there, sellers can raise prices because they have less competition. Good news for sellers, frustrating news for buyers.
3: Following the housing crash, the number of rental properties out there has skyrocketed. More places to rent means more competition causing rent prices to rise. Recently, yearly rent prices raised by 20% and the trend doesn’t seem to be stopping anytime soon.
4: Mortgage rates will likely continue to stay low. A big plus in a buyer’s world. Rates stayed steady this summer are trending to continue through the fall and winter. However, the presidential election is going to play a role in the financial market. Depending on who takes over the office will determine the future of so many things, including mortgage rates.
5: Though mortgage rates are low, the process of getting a mortgage is getting even more detailed. It already seems like you have to tell your whole life story on the application. The latest trend includes lenders looking at your credit card history. But not just looking at your credit score. They will check to see if you carry over charges on your cards month to month or if you pay it all off within a single month. You are likely to receive a better rate if you pay your cards off every month and don’t hold a roll-over balance.
These are just 5 things to be aware of and consider this fall in the housing market. The housing market is a fast paced, ever changing world. To stay up to date, check in with the news. But make sure you are looking at reliable sources. There’s nothing worse than getting worked up over something that isn’t even true. Whether you are buying, selling, or renting this fall we hope the market treats you well.