Hey sellers, let's get this party started! Buyers who are on the sidelines are ready to see some new listings. They are tired of getting lackluster alerts on their phone featuring very few new listings. What has come on continues to prove the theory that price matters.
A very interesting property with a big red barn in the back came on the market last week, at a very reasonable price. The house needed work, but was lovingly cared for. A dozen offers later it sold for about 17% over asking. So, when people ask if the frenzy has calmed down, the answer probably won't satisfy them.
For some properties there will always be a lot of interest. Also don't forget that bidding wars have always occurred in the real estate market, even before 2021.
As a real estate agent who works with investors, and is an investor herself, I am always keeping a watchful eye on the rental market as well. According to a Wall Street Journal article, rents for new leases on single family homes are up 13% over last year. For those who are renewing their stay, landlords have been more conservative by only hiking rents about 5%. Many of those who missed out on houses this year are turning to renting, so the demand is incredibly high.
What I do love about this time of year is watching all my clients move to their homes. Fall is such a great time to refresh so much in our lives, and what's better than creating the warmth of the season in your new home.
With kids back to school, fall in the air, and the promise of the market delivering for buyers, I am hopeful for a great fourth quarter!