Welcome Fall!

Welcome fall!  Halloween is right around the corner and it is my favorite holiday, ok, just one of them.  I decorated my house in preparation for little kids with costumes trick or treating my house.  I can’t wait for Halloween night, the smell of burning pumpkins brings back memories of my childhood growing up in Greenwood Village.

What does fall mean to the real estate market?  Traditionally, it means a slowing down in home sales.  Fewer homes come on the market and fewer buyers are out looking.  This is great news for buyers and not as wonderful news for sellers.  It is great for buyers who have been beaten up in the super hot sellers market we saw this summer.  Buyers have a chance of buying a home without over paying for it and without being in a competitive offer situation if you are willing to look at the overlooked houses.  We are starting to see a few good deals out there again too.  Homes that don’t sell in the first week are still being overlooked as many agents and buyers have a preconceived notion that there must be something wrong with the home if it hasn’t sold in a weekend.  While this occasionally may be true, more often than not it is an opportunity for the savvy buyer.

For sellers it means less competition against other sellers.  Nice homes that are well priced are still seeing multiple offers and selling fast.  It does mean that the first weekend is even more important though, if the home hasn’t sold by then, some quick action must be taken to ensure it sells fast while it is still a new listing.  Remember, the National Association of Realtors tells us that 2 weeks no showings or 10 showings no offer means that the home is over priced and quick action must be taken!

On a similar note, I was at a real estate convention in August and a recurring theme there was that the end of the sellers market is neigh, if you want to sell, now is the time – we could be heading towards a real estate slump, or at least a cooling in the market and a flattening in home price increases.

 

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