With the frenzy of bidding wars cooling down, the fall real estate outlook is looking better for home buyers. Although the housing market has been fiercely competitive over the last few months, an increase in inventory, moderating price conditions, and a decrease in competition means buyers who got shut out in recent months may have better luck in the housing market this fall.
Several Signs in Housing Market Point to Potential for Buyers this Fall
As competition cools and listings receive fewer offers, bidding wars will also continue to decrease. In September, the real estate brokerage Redfin reported that bidding wars reached their lowest level this year. In addition, with an increase of listings coming to market, buyers will have more choices this fall. A recent realtor.com report shows housing inventory is at a high for 2021. In fact, nearly one-third of the 50 largest metros in the U.S. recently saw increases in the number of newly listed homes compared to 2020.
“This September, buyers had more options than they’ve had all year and while that’s typical of early fall, that’s not what happened in 2020,” says Danielle Hale, chief economist for realtor.com. “Still, it’s important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year.” George Ratiu, manager of economic research at Realtor.com adds, “For many buyers, autumn is already providing better buying opportunities, with fewer competing bids, the return of contingencies and more listings with price reductions.”
Buyers Returning to Comprehensive Home Inspections
Another positive for buyers this fall is the breathing room to hire home inspectors to do a thorough inspection of the property’s condition. At the height of the bidding wars, some buyers were opting to forgo home inspections in an effort to make their offers appear more competitive against multiple bids. However, getting a professional inspection from a licensed home inspector allows buyers to negotiate repairs with the seller beforehand, rather than being stuck with unknown and potentially expensive repairs. Top Flight Home Inspections, LLC is a highly-rated home inspection company servicing central Ohio. Our professional and experienced inspectors are licensed in Home Inspections, Radon and Wood Destroying Insect inspections. Give us a call today to schedule your thorough home inspection, 614-203-9217, or request an inspection online at: www.TFhomeinspections.com.