Typically, in years past, the real estate market tended to slow down during the fall. That was because kids had started school, and families were beginning to prepare for the holiday season. For the last two years, these have not been typical times.
New trends are forming, and at Raleigh Cary Realty, we have noticed five top fall real estate trends for 2021. Here is what we have seen:
- Mortgage rates are still at record lows and may remain so. To keep the housing sector in good shape during the coronavirus pandemic, the Fed announced it would continue to keep mortgage rates low. Buyers are saving thousands of dollars over the life of a mortgage loan, and they don’t want to continue missing out on this.
- Demand is higher than usual for this time of year. As we said earlier, the market traditionally slows down in the fall. However, we aren’t seeing that right now. Instead, demand has never been higher.
- More inventory will arrive for buyers to choose from. Demand isn’t the only thing that will increase. Inventory is increasing more as sellers choose to take advantage of high demand and competition for properties. Right now, new listings in the US are up over 4% compared to this time last year.
- Home improvement projects are on the rise. This is a normal fall trend, but this year it’s increased even more as homeowners do what they can to increase their home’s value.
- Houses will sell faster. In August, in the Triangle, the average number of days a house was on the market until sale was 9. Year-to-date is 13. We don’t see this slowing down this year.
If you are in the market—either as a seller or a buyer—contact us at Raleigh Cary Realty. No one knows the Triangle real estate market better than us, and we are here to help you through the entire process.