Homes Still Getting Snapped Up Faster This Fall

According to an article published by Forbes, homes are still getting snapped up faster during the official start of Fall as home values rise and mortgage rates continue to slide.

Home sales are currently stronger than they were pre-pandemic and show no signs of slowing. Demand is being fueled by low mortgage rates. We’re also seeing deferred home buying as the economy and housing market pressed pause in the spring.

Cheryl Young, Senior Economist – Zillow

New listings are being snapped up quickly according to the latest housing trends report of Realtor.com. They’re lasting 12 fewer days on the market than they were 12 months ago.

Whether this buying trend will continue is up in the air as supply is lagging behind demand, which appears to be the only real obstacle. What’s holding homebuying back now are chronically low levels of inventory, Johnson says, and stiff competition for homes that do come onto the market.

But why homebuyers are being aggressive now in purchasing homes?

Low mortgage rates? People fleeing cities? The need for more space as working from home and remote learning become realities? Dormant buyers who were waiting for the pandemic to subside? It’s likely a combination of a few or all of these factors.

“Homebuying is currently on a tear, but much of this is likely due to the fact that those looking to buy during the spring homebuying season had to wait as the pandemic took hold,” Young says.

According to Yun of NAR, the key reason for robust home buying are the low rates. “Those with a secure employment are taking advantage of the low-interest rates,” Yun added.

Bottom Line

If you are interested in selling your home, no time is the best other than now. Homes still getting snapped up faster and buyers are out there, waiting for new listings to come. If you sell your home with us, it will be sold in just a matter of short time – that’s GUARANTEED!

Connect with us today so we can start your home selling journey! Call us at 541-306-3139 or send an email to our local Realtor, Cody Tuma, at [email protected].