Fall Housing Market Trends
Fall is officially here which makes now a great time to look at fall housing market trends. While some favor spring/summer to make a move, the fall market is traditionally strong and tends to bring out both serious buyers and serious sellers who want to be settled before the sn%* flies.
On a National Level:
Our team has been studying the market. Here’s what we found in fall housing martket trends from a recent article from CNBC: Housing gives an overall snapshopt of the US and provides some key points to consider:
- Consumer sentiment in housing did improve in August, according to a monthly survey from Fannie Mae, but only because of a big jump in the share of those who think mortgage rates will keep falling.
- Fewer people think now is a good time to buy or sell a home, and fewer said they are not concerned about losing their job in the next year.
- “I definitely think it has softened a bit,” said Kelley McMahon a Dallas-area agent with Compass. “It’s not a seller’s market right now. Now is not the time for sellers to put out these crazy prices. Appraisals have gotten a lot harder, and buyers are a little more cautious. They’re more willing to take their time.”
Before panic sets in, let’s look a little closer. For months upon months, as far back as the eye can see, the message was: “There is no inventory! Act now or you’ll miss out.” We have been living in the land of delayed negoitations with all offers submitted on a certain date and time. The “softening” we are seeing on a national level is buyers being a little bit more cautious. They are not as concerned with rising interest rates and some believe that rates may actually decrease further. They are also taking a wait and see approach in terms of watching how the overall economy is trending.
On a Local Level
The truth is when it comes to real estate, Rochester is a follower, not a leader. What we see nationally may only somewhat apply to our area. We usually don’t experience the extreme highs and lows that other markets do. In fact, a recent article suggests that if a recession were to occur, the Rochester Housing Market would fare well:
In determining the markets that will withstand a downturn, Redfin computed the downturn risk for the 50 largest cities across the country using the following metrics: median home sale price-to-household income ratio; average loan-to-value ratio of homes sold in 2018; home price volatility; home sales that are flips that sold twice within 12 months for a different price; diversity of local employment; share of the local economy dependent on exports; and share of local households headed by someone age 65 or older.
These factors were all weighted differently by Redfin, based on how likely each attribute was to contribute to a real estate market downturn.
Rochester had the lowest score of any market studied at 30.4 percent, followed by Buffalo at 31.9% and Hartford, Connecticut, at 33.9%.
What do all these numbers mean to you? We’re glad you asked. There appears to be a slight shift in fall housing market trends to a more stabilized market for buyers and sellers this fall which will provide great opportunities for those considering a move. Your numbers will largely depend on where you live and/or where you would like to purchase. If you have 30 minutes, we have the stats you need to make informed choices! Contact us today!
Penfield is a lively town, located on the southern tip of Irondequoit Bay and just outside of the City of Rochester. Follow this blog to discover more of what our town has to offer; from great local businesses to awesome events, we'll cover it all!
Courtney Dudek Licensed Real Estate Salesperson
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