The fall market is underway, and it's been active so far!
In the first week of September, we saw a surprising amount of inventory hit the market. In Rutledge's home base of Wellesley alone, 13 new homes were listed. However, unlike in the spring market, these homes are sitting on the market for a bit longer than in the recent past. This trend of slight uptick in inventory and plenty of eager but savvy buyers has continued through September and early October. Even with a presidential election around the corner, it has been a robust fall market, particularly in the under $2m market.
Last month, the Federal Reserve cut interest rates for the first time in four years. While we've seen a surprising uptick in rates for now, we anticipate the Fed's decision will lead to lower rates—or at least flat rates—for the foreseeable future. We won't feel the full impact of this change immediately, but we expect it will increase the housing supply and support a more balanced market through the remainder of the fall and beyond.
The most important takeaway for buyers and sellers?
Sellers, pricing strategy is everything right now. My fellow Rutledge Properties agents and I have been counseling our sellers not to price for a bidding war but instead to price at that "just right" number and anticipate some negotiation.
Buyers, you'll likely have more options to choose from this fall. And with inspections and mortgage contingencies firmly back in the mix, you can feel confident that you're protected as you find the best home for you.
If you’re hoping to buy or sell this year, I’d love to offer personalized guidance on how to make the most of these market conditions.
