We are now in October which means it’s time for Fall real estate market forecast. I want to keep this short, sweet, and enjoyable like pumpkin spice!
Properties Under $350,000
It is still a strong seller’s market for properties under $350,000. There are more buyers than sellers and pretty much no new construction is left in this price range anywhere in the Triangle. Buyers will continue to have to be aggressive and we will continue to see multiple offers on most of these homes. Investors in this price range will continue to have an interest in buying property before the end of the year.
Buyers should not expect to get under contract with a low amount of due diligence fee – sellers are not going to feel confident accepting an offer with a low deposit. Builders require a 5-10% deposit on new construction at the contract signing so buyers who have limited cash will still struggle in this market.
Properties Between $400,000 – $600,000
Properties between $400-600K are going to slow down a bit, both in numbers of new listings and numbers of buyers ready to look on the first day of showings. However, there is no price correction – if a property is in good condition and in a desirable location it will sell very quickly. Maybe in 10 days rather than 24 hours. We will see fewer homes closing at $50-100K over the asking price this Fall but house prices will continue to stay strong.
Luxury Homes $700,000 to $2M
Luxury homes $700 to 2M are going to continue to be sought out. Sellers will need to be more reasonable as buyers are not going to feel the competition quite as strong as earlier this year. Buyers and sellers will go back to having inspection negotiations. New contracts in this price range will be strong this fall with buyers ready to have a new home in 2022.
Interest rates may creep up a little but are not enough to discourage most home buyers.
Any specific questions about the Fall real estate market – just ask!
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