Fall Market Update: Is the Fall a Good Time to Sell?
Home sales in the Central Ohio area show that for the last quarter (July-September), there were 12,291 homes added to the market, resulting in almost 13% higher than 2020. Although inventory has been decreasing, the market saw year over year gains in the third quarter resulting in record home sales. According to the Columbus Realtors Central Ohio Housing Report, "The average sale price increased 8.5% to $301,572 ..." with conventional financing still reigning most of the home sales at 64%. The myth out there is that cash sales have been credited as the reason why many homebuyers have been at a disadvantage in getting the winning contract, however, data suggests that buyers seeking financing still dominate the lion's share of home sales and can be successfully competitive.
The early spring through the summer are generally the busiest times of the year for home sales, but the fall can be a particularly advantageous time of year for sellers. Housing inventory drops off during the fall months, so sellers have less competition. That means you can expect higher offers, fewer contingencies, and less scrutiny from buyers. You maintain more power over your terms.
Fall buyers are serious buyers! Early in the year, you can get lots of lookers who are just thinking about buying at some point, but by fall the buyers still looking are ready to get under contract and often have a deadline. Many fall buyers are anxious to get settled before the holiday season and, if they have children in school, they will want to get them in their new schools before too much of the school year passes.
Employers who pay to relocate employees also like to shop off-season to save on moving costs. If you live near a large hospital, university, technology center, or industrial area, your home may be attractive to relocation services.
Fall is also prime time for buyers who aren’t shopping in school districts. Young professionals and empty nesters are two populations more likely to shop in the fall. If you are marketing to these populations, you might want to show off multi-use spaces for exercise rooms, a home office, or a game room.
The fall is much more fun for showing a home than the dead of summer. Use the mild weather and a festive atmosphere to enhance your home’s showing potential. As the temperatures cool and we welcome crisp, clear fall days, it becomes easier to maintain your yard and add to your curb appeal. You can use fall colors and foliage in your home décor to create a cozy atmosphere. Don’t forget some pumpkin spice-scented candles or warm oatmeal cookies to warm buyers up for a sweet deal.
If you’re thinking about selling but can’t decide between listing now and waiting until after the holidays, now is the time. Give us a call (740-513-3886) and let’s tie the whole process up in a pretty red bow long before the new year.