From all indications of the 2021 Fall Housing Market Outlook, home price growth is slowing, and buyers are a bit less frantic than earlier in the year. That does not mean however that the real estate market is cooling off. It may be an indicator of some normalcy in the market, but it’s too early to know if that’s where the market is headed, or if this is just a small market adjustment. Time will tell so stay tuned.
Mortgage interest rates should remain stable as the Federal Reserve has indicated they will keep rates low for the time being, especially with the continued threat of COVID-19 variants coupled with fears of inflation.
Housing inventory will remain low, however currently it may be easier for buyers as the competition is cooling off. Some buyers have indicated they need to take a break from the prior market frenzy and regroup as they are emotionally worn out.
Currently we are not experiencing high numbers of multiple offers on the same property as in months gone by. Currently, we are seeing one, two, or maybe three offers on the same property.
Sales are still strong, and supply is still low, it will take a more meaningful shift in the housing pipeline to meet demand. The National Association of REALTORS® (NAR) released a report earlier this summer, Housing Is Critical Infrastructure: Social and Economic Benefits of Building More Housing,
(https://www.nar.realtor/political-advocacy/housing-is-critical-infrastructure) that called the state of America’s housing stock “dire”.
If you would like a FREE comparative market analysis on your home, please call us, CENTURY 21 Alliance Realty at 352-686-0000.
“There is a strong desire for homeownership across this country, but the lack of supply is preventing too many Americans from achieving that dream,” says Dr. Lawrence Yun, NAR’s chief economist. “It’s clear from the findings of this report and from the conditions we’ve observed in the market over the past few years that we’ll need to do something dramatic to close this gap.”
If you are a buyer who took time out to breath and regroup, now may be the perfect time to reach back out to your REALTOR® and jump back in as the market, for the moment, is much less frantic than before.
Source: National Association of REALTORS, Florida REALTORS, Inman News
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