Fall is a Great Time to List
Did You Know? From City to Suburb
If you have determined you need or want to make a move, this fall may be the ideal time to list your property. Whether down-sizing or upscaling, market trends and mortgage rates both say, “do it”.
Demand is still strong. Buyer demand is still strong in Southern Idaho. Interest rates hit a three-year low in September and interested buyers want to take advantage. ShowingTime, which tracks the average number of buyer showings on residential properties, just announced that buyer showings are up 61.9% compared to the same time last year. They went on to say: “Normally, real estate activity begins to slow down in the late summer, but this year it peaked in July, August and into September.”
Less competition this time of year. The biggest shuffle of real estate historically happens in the late spring and summer months. Early fall provides less inventory which means less competition for serious, prepared buyers. Traditionally, home-buying season slows down during the fall because families have settled in their new homes just in time for school to start. Now that school is mostly virtual, that calculation may be changing a bit.
Faster closings. With the crazy summer months of time-sensitive buying and selling to accommodate re-settling in time for school and other life changes, generally the whole closing process becomes a little less fierce. Once a mortgage is involved, the timeline to close typically expands to 30 to 60 days; closing on a purchase mortgage tends to be a few days faster than closing on a refinance. The stakes for closing late on a purchase are higher, so everyone tends to be more motivated to move quickly and keep the process on schedule. Closing late can affect the seller’s plans or leave the buyer without a place to live, among other issues.
The weather is still good, the interest rates are low, and you have established a motivation to list your property. It could be the perfect time to just do it!