Did you know there's a sale on homes right now? Good news for buyers. Too bad nobody's talking about it.
It's Autumn in New England! I can tell because it's getting a little chilly and the leaves are changing to an array of lovely colors before they fall from the trees. Another sign is that the price of homes is falling. Nationwide, they're down from a month ago. In September, the median sold price in Winchester was $1,017,500. In August, it was $1,125,000, nearly a 10% drop. In Reading, the drop was closer to 13%, and so on. Still, in each case, the median price was still higher than the same time last year. In other words, not that prices are falling overall, but that the reduction is seasonal.
So what does that mean to buyers?
It's time to buy. Yes, listing prices tend to remain high, but what people actually pay is lower. The drop, generally, is greater for smaller homes. People with kids in school generally want bigger homes, so they get sold at those higher Spring prices. Even if you've got kids, this is the chance to move into a home of your own, build equity, and get those bigger bedrooms down the line. It's unlikely, barring the flood, that values aren't going to keep rising. That dream home comes one step at a time.
Meanwhile, there's political pressure to raise mortgage interest rates more, so even that less expensive home may be going to get more expensive.
None of this means the competition for homes is getting less. There are still more buyers than sellers. That's why, when I work with buyers, I market the buyers as intensely as I do in the Spring. That means the buyers need to be as attractive as possible to the sellers. That's my job.
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