Did you know that home listings typically slow down as summer ends? It’s a reliable seasonal trend in real estate, but this year, there’s a twist. With mortgage rates dipping at the end of summer, we’re seeing an uncharacteristic boost in new homes hitting the market—right when inventory usually starts to drop.
According to the latest data from Realtor.com, the number of homes listed for sale in September increased by a surprising 11.6% compared to last year. This rise, fueled by more homeowners seizing the opportunity to sell when rates declined, offers Brookings-area buyers more choices than expected for the fall season. Here’s a look at what this means for buyers and why now might be the ideal time to start your home search.
Why Fall is Looking Brighter for Buyers
The influx of fresh listings means more new options for buyers, particularly compared to what’s typically available this time of year. This means homes that just hit the market and haven’t been sitting unsold, giving you a better chance to find the right place without compromising. And as Senior Economist Ralph McLaughlin from Realtor.com notes:
"This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.”
So, with rates dropping, motivated sellers are adding more inventory to the market. But with mortgage rates remaining somewhat unpredictable, this window of opportunity may not last. As rates inch back up, fewer homeowners may feel comfortable selling, which could mean less inventory as we move further into the season.
Why Act Now Instead of Waiting
Whether you’re looking for your first home, a bigger space, or hoping to downsize, more choices are available right now. Here’s why this fall could be your best chance to find what you’re looking for in Brookings or the surrounding areas:
-
More Homes, Fresh on the Market
Unlike the late-summer leftovers, these homes are newly listed, which means there’s a good variety of options and fewer homes that have been sitting for too long. Fall typically brings slower sales, so with more listings right now, you’re getting a unique advantage in this seasonal market. -
Mortgage Rate Volatility
Rates have fluctuated throughout the year, and while they recently dipped, they’re showing signs of climbing again. If rates go up, fewer people may choose to sell, which would tighten the inventory back up. So, if you’re ready to buy, now’s a smart time to make your move. -
Better Bargaining Potential
With more inventory available, buyers may have more leverage. The competition for homes has softened somewhat compared to the heated spring and early summer months, making now a more favorable time for buyers to negotiate pricing and terms. -
Economic Factors Influencing the Market
It’s not just mortgage rates influencing inventory. Factors like inflation, employment trends, and Federal Reserve decisions will also impact market conditions. A sudden economic shift could lead to a dip in inventory again, so this moment may be one of the last times for a while with a wider selection.
As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), explains:
“The rise in inventory – and, more technically, the accompanying months’ supply – implies home buyers are in a much-improved position to find the right home and at more favorable prices.”
How to Make the Most of this Opportunity
If you’re ready to buy, now’s the time to stay on top of the local market and keep an eye on Brookings and the surrounding area. Having a real estate agent who knows the area’s unique seasonal trends, like Shane Andersen at Brookings Home Team, can be an invaluable asset. A knowledgeable agent will ensure you don’t miss any opportunities and will help you navigate the shifting landscape so you can secure the best deal for your needs.
Bottom Line
As mortgage rates dipped this past summer, more sellers entered the market, offering Brookings buyers a rare chance for increased options during the fall. However, the volatility of rates could mean that this window won’t stay open for long. Ready to start exploring? Connect with Shane Andersen of Brookings Home Team today to make sure you have a trusted advisor to help you act on these new options before they’re all gone.
Posted by Shane Andersen on
Leave A Comment