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Fall Market- Hug it Like a Warm Baby
Dated: September 9 2020
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The Fall housing market is upon us.
That means that, like every Fall, the market slows. Well, it's supposed to, anyway.
Not this year. I always say that there are crickets heard on any listing I have that is live on Labor Day.
This year is so different. I had a listing that I expected to be slow, based in similar sales in the neighborhood, irrespective of Labor Day. It wasn't. We had multiple offers!
This year got a very slow start because of COVID, but once everyone figured out how to navigate showings (and the world in general), the market came alive.
I expect the Fall market will remain robust, given the record, continued low interest rates. Buyers can afford a lot more house than they have been able to afford in the past.
Sadly, the challenge that remains is a market that is extremely scarce in inventory. There are a lot of buyers, and a small number of houses to choose from! That means that most sales are involving multiple offers, which can be a challenge to some buyers to compete. Buyers are trying tactics that I rarely advise, like foregoing inspections, offering to pay cash to compensate for low appraisal values, and other strategies that may not be safe bets for buyers.
Regardless, it is still an excellent time to buy; everyone has a lot of purchasing power. Don't be afraid of this market. Embrace it. Hug it, like it is your own baby. Buy a house.
Chuck Gollop
Licensed Realtor, Stand-up Comedian, and Retired Police Sergeant. I took my 25 years of law enforcement experience, threw in my experience as a stand-up comic and college teacher, and used those ideal....
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