Beth Gravilla talks about what happened to the housing market this fall.

What is happening to the fall market? To answer this question, I invited Beth Gravilla, our sales director, to share her expert insights about the topic.

When asked what has caused the red-hot summer market to cool, Beth explained we don't know yet if our local market has slowed down like the national one. We are still in a seller's market; however, rising interest rates and the lack of inventory has caused things to shift. We’re no longer at the level that we were at earlier in the year, where we had less than one month of inventory. We now have more than two months of inventory, which still makes the market more advantageous for sellers. Homes are still getting solid offers, and our clients are still getting fantastic deals.

According to Beth, when supply is low and demand is high, home prices increase. The case right now is the opposite. We have a bit more inventory and fewer buyers due to rising rates. The good news is that this is actually beneficial to both buyers and sellers. If sellers price their homes right, buyers will still purchase them. We can expect a much smoother transaction.

“Homes are still getting solid offers, and our clients are still getting fantastic deals.”

As a final note, Beth mentioned that now is a fantastic time to sell. We still have demand and not a lot of inventory. Qualified buyers are still out there looking for their dream homes despite rising rates. While some first-time buyers may have been forced out of the market, some move-up buyers who already have great equity can still make great offers.

If you have more questions about your buying and selling plans or anything that’s real estate related, call or email us. We’re always happy to hear from you!