Fall Housing Forecast

This is a paid post contributed by a Patch Community Partner. The views expressed in this post are the author's own, and the information presented has not been verified by Patch.

Forecasting the real estate market is a lot like forecasting the weather – you can gather and analyze all the data you can get your hands on and make some educated guesses, but in the end things remain unpredictable. Typically, the fall and winter seasons favor the buyer, but obviously the last couple of years have been anything but typical. So, let’s buckle up!

The National Association of Realtors reports that existing home sales dropped 0.4% from July and nearly 20% from a year ago last August. This marks seven consecutive months of decreasing sales and technically puts us in a housing recession. What may result is a drastic drop in home prices – but not immediately.

Home prices may already have dipped a bit, but overall, they remain higher than they were this time last year. Most buyers will unlikely feel any notable relief this fall, though. As usual, the housing market is directly affected by the Federal Reserve and its interest rates, which just went up for a third time a few days ago, resulting in the highest mark since 2008.

What does all that mean for home buyers? Prepare for sticker shock when it comes to your mortgage payments. A 30-year fixed mortgage is averaging over 6.5% as of last week. So, as always, do your homework to get a realistic look at what buying that dream home will really do to your wallet and don’t forget to factor in a down payment. If you’re managing in your current living situation, saving a little more money always pays off in the long run.

For sellers? You will most likely still get asking or above for your home if it is priced right. However, don’t be surprised if your home stays on the market longer than others in recent months. All these rate hikes are going to knock some potential buyers out of contention for a while, so you may see less browsers overall.

Again, all of this is educated guessing based on experts, historical trends, and lots of data. Things can change quickly. Another tool in your arsenal is a great agent by your side to help navigate your real estate journey, no matter which direction it’s headed. Maryanne Elsaesser and the Home Navigators Team have the experience and fortitude you need to succeed.

About Maryanne Elsaesser

Maryanne Elsaesser is known for individualized strategic planning and solving complex matters with calmness. Her clients say she is a "brilliant negotiator," tenacious, helpful, smart, creative, focused and has an amazing ability to read people. Consistent hard work puts Maryanne in the top 1% of brokers in the country. Maryanne is well-versed in contractual elements and understands the intricacies of navigating the most profitable net gain in each transaction. She can be reached at 551.206.9264 or maryanne.elsaesser@gmail.com.

This post is an advertorial piece contributed by a Patch Community Partner, a local brand partner. To learn more, click here.