{"id":1171,"date":"2022-09-09T09:14:26","date_gmt":"2022-09-09T09:14:26","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2022\/09\/09\/the-fall-housing-market-takes-a-miraculous-turn-where-buyers-and-sellers-can-gain-big-if-they-know-what-to-do\/"},"modified":"2022-09-09T09:14:26","modified_gmt":"2022-09-09T09:14:26","slug":"the-fall-housing-market-takes-a-miraculous-turn-where-buyers-and-sellers-can-gain-big-if-they-know-what-to-do","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2022\/09\/09\/the-fall-housing-market-takes-a-miraculous-turn-where-buyers-and-sellers-can-gain-big-if-they-know-what-to-do\/","title":{"rendered":"The Fall Housing Market Takes a Miraculous Turn Where Buyers and Sellers Can Gain Big\u2014If They Know What To Do"},"content":{"rendered":"

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The fall housing market is beginning to show its true colors\u2014and so far, the outlook appears rosier for both homebuyers and<\/em> sellers.<\/p>\n

Real estate is typically seen as a zero-sum game, where a homebuyer\u2019s gain is a seller\u2019s loss, and vice versa. Yet the latest installment of our \u201cHow\u2019s the Housing Market This Week?<\/a>\u201d column finds statistics for the week ending Sept. 3 shining favorably on both sides of the bargaining table.<\/p>\n

First, the good news for buyers is that fall is typically the best time to buy a home<\/a>\u2014and this autumn is shaping up to be better than usual with a bumper crop of homes on the market with a longer shelf life than they\u2019ve had in the past.<\/p>\n

\u201cFor today\u2019s home shoppers, there are more homes available for sale, and there may be more time to make an offer on one,\u201d notes Realtor.com\u00ae Chief Economist Danielle Hale<\/strong> in her analysis<\/a>.<\/p>\n

Meanwhile, the good news for home sellers is there appears to be \u201ca renewed recognition of the relative advantages today\u2019s sellers have,\u201d Hale continues. Namely, record-high home equity, thanks to skyrocketing home prices.<\/p>\n

Since the numbers never lie, here are the latest figures and what they mean for both homebuyers<\/a> and sellers<\/a> so that all can reap the bounties of the fall market.<\/p>\n\n

Home prices are still soaring, but heading south for the season<\/h2>\n

For the week ending Sept. 3, listing prices rose by 13.4% over that same week last year.<\/p>\n

\u201cThe typical asking price of homes was up from last year by double digits for a 38th week,\u201d says Hale.<\/p>\n

Yet month to month, prices are spiraling downward, which bodes well for home shoppers. August data from Realtor.com places the median home price<\/a> nationwide at $435,000\u2014down from June\u2019s all-time high of $450,000.<\/p>\n

\u201cHome prices typically decline as we move into the second half of the year, a seasonal trend that was somewhat disrupted in the overheated [COVID-19] pandemic market,\u201d says Hale. \u201cThis year\u2019s data signals a more expected pattern.\u201d<\/p>\n

New listings dropped, but there is plenty of inventory<\/h2>\n

Yes, many home sellers are still kicking themselves for missing the peak<\/a> of the market. And as a result, a growing number aren\u2019t bothering to list at all. For the week ending Sept. 3, the number of new home sellers entering the market dropped by 6% year over year.<\/p>\n

\u201cThis week marks the ninth straight week of year-over-year declines in the number of new listings coming up for sale,\u201d says Hale.<\/p>\n

Yet this is a smaller dip than seen in the previous three weeks, which experienced double-digit declines. Plus, overall<\/em> housing inventory\u2014of both new listings and oldies still lingering on the market\u2014ticked up by 27% after an extremely sluggish August.<\/p>\n

\u201cThe housing market\u2019s rapid growth in inventory from May to July had stalled in August as buyers and sellers adapted to shifting housing market conditions,\u201d Hale explains. \u201cThis week\u2019s data snapped a four-week streak of slowing momentum.\u201d<\/p>\n

Still, she concedes that new listings are a better barometer of seller enthusiasm and harbinger of what\u2019s to come\u2014and will be the number to keep an eye on going forward.<\/p>\n

Home sales are slowing but still brisk<\/h2>\n

In August, listings lingered on the market a mere 34 days before getting snapped up\u2014that\u2019s 22 days faster than the typical August from 2017 to 2019. But the housing market\u2019s frantic pandemic pace is at long last winding down.<\/p>\n

For the week ending Sept. 3, properties spent five extra days on the market compared with a year earlier.<\/p>\n

\u201cFor a sixth straight week, homes are sitting on the market for a longer time than last year,\u201d says Hale.<\/p>\n

Still, this is by no means permission to take your sweet time, with Hale pointing out, \u201crelative to pre-pandemic, shoppers need to make faster decisions.\u201d<\/p>\n

Mortgage rates are up to nearly 6%<\/h2>\n

According to Freddie Mac<\/a>, for the week ending Sept. 8, the average 30-year fixed mortgage rate increased to 5.89%, up from the previous week\u2019s 5.66%. That\u2019s a whole lot of pain for buyers that\u2019s bound to put downward pressure on prices.<\/p>\n

\u201cBuying a home remains a pricey undertaking as mortgage rates continue to trend higher,\u201d Hale concludes. \u201cAs buyers navigate high costs resulting from price gains and mortgage rate increases, sellers will find that they are more price-sensitive and more willing to ask for contract concessions than last year\u2019s shoppers.\u201d<\/p>\n

In other words, buyers are driving a harder bargain<\/a> than they could have during the raging seller\u2019s market<\/a> of the past. And thanks to those high home prices, sellers who give a little still stand to gain a lot, creating that rare, beautiful possibility of a win-win scenario for all.<\/p>\n

The post The Fall Housing Market Takes a Miraculous Turn Where Buyers and Sellers Can Gain Big\u2014If They Know What To Do<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Getty Images The fall housing market is beginning to show its true colors\u2014and so far, the outlook appears rosier for both homebuyers and sellers. Real estate is typically seen as a zero-sum game, where a homebuyer\u2019s gain is a seller\u2019s loss, and vice versa. Yet the latest installment of our \u201cHow\u2019s the Housing Market This…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":1172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/1171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=1171"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/1171\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/1172"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=1171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=1171"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=1171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}