If you are wondering which way the housing market is trending in fall 2021, here is a brief review. This week we turn to a recent Forbes Home Advisor article, that explores some of the shifts in real estate to come.
Housing Market Predictions Fall 2021
A Ray of Hope for Housing Market Inventory
After speaking to housing experts across the nation they produced a forecast on home prices, rates, and buyer appetite in the coming months. In fact, there does appear to be some buyers fatigue and sellers are responding with price reductions.
This in turn has created a ray of hope for home buyers. “According to the National Association of Realtors, unsold homes rose 3.3% to 1.25 million from May to June this year. Although the increase in inventory is not enough to satisfy demand, it might give buyers hope and possibly buying leverage with more options to choose from.”
How Covid-19 Effected the Real Estate Market
In the beginning, the pandemic changed the market by creating “zoom towns” like Cape Cod. For instance, Forbes cites the drastic change in numbers of people flocking to buy homes while working remotely.
“Last year, the early pandemic buying spree slashed Cape Cod inventory from approximately 2,300 homes to 230 homes as cities shut down and buyers flocked to the coastal town, says Ken Hager, general manager of Gibson Sotheby’s International Realty on Cape Cod. But Hager says that the market is beginning to normalize.”
Furthermore, Wisconsin’s covid-19 housing market experience proved to be somewhat different. It dealt a much-needed boost from the lagging price appreciation still left over from the housing crisis of 2008. During which time foreclosure filings that hit a record high of 21.5%.
“In many of our neighborhoods, it took until 2018 to return to those pre-crisis values. Since then, we have seen double-digit appreciation. But it has been a reversion to the mean. Locally, we are anticipating an evening of the playing field.”Rick Ruvin, lead partner with the Falk Ruvin Gallagher team at Keller Williams in Milwaukee
Advise to Home Buyers
And finally, the advise to buyers is the fall is often the best season to make a deal. So don’t wait to get financing! To learn more about our preferred lenders click here.
Dias Team Real Estate Update
As noted last week we have 4 new vacant lots for sale. Visit our facebook page to learn more. Don’t forget to give us a like!
And we hope you have a safe and enjoyable Labor Day weekend!
Happy Labor Day from The Dias Team!