Fall 2023: A Market Shift to Buyers

The fall of 2023 is looking good for those looking to buy homes in the US. There are some positive changes that are making it easier for buyers, even though the market has been tough in the past. Recently, sellers had the upper hand with high prices and not many homes available. But things are changing this fall. It’s becoming a great time for buyers for several reasons. Let’s look at the four main reasons why this season is beneficial for those looking to buy homes.

Reduced Asking Prices

The fall season traditionally sees a cooling off in the housing market, but this year, the reduction in asking prices is more pronounced. A significant number of sellers are revising their prices downwards, with 17.2% of listings in September opting for a price cut. This trend, indicating a more buyer-friendly market, is not a one-off, as even August witnessed over one in four homes having their prices reduced. This is good news for buyers as motivated sellers are now more open to negotiations, heralding a more accommodating market environment.

Stabilizing Home Values

The runaway train of escalating home values seems to be taking a breather this fall. The market is showing a mere 0.4% increase in home values compared to last year, a stark contrast to the double-digit increases witnessed in 2021 and 2022. The national median home value in September stood at $430,000, slightly down from $435,000 in August. This easing off in home prices presents a potential escape from the soaring prices that dominated earlier periods, making homeownership a more attainable dream for many.

Improving Supply and Demand Dynamics

The crux of the housing market challenge has always revolved around the supply and demand equation. This fall, however, is witnessing a welcome change. According to data, August experienced an unusual month-over-month increase in new listings, which significantly reduced the year-over-year deficit. The rise in new listings and a consequent increase in the number of homes for sale for three consecutive months is good news for buyers. It gives them more options to choose from and less competition, which could lead to better deals.

Decreased Competition

A combination of higher mortgage rates, rising home prices, and fewer international buyers has led to a decrease in demand for homes. This slowdown in demand means less competition for prospective buyers, which could help them score a better deal. The field, although still in favor of sellers in many markets, is now less daunting for buyers who faced disappointments in the spring and summer busy seasons.

In summary, the fall of 2023 looks better for people who want to buy homes in the US. It’s a special time that doesn’t just favor sellers, as has often been the case. Prices are more reasonable, there are more homes available, and there’s less competition. This could be the right time for people to start buying homes and realizing their dream of home ownership.

Brokerage

Alexiou Realty

3123 23rd Ave Astoria, NY 11105

Email: alexiouproperties@yahoo.com

Phone: (718) 204-0101

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