Labor Day Market Shifts
As seasons change, so does the real estate market. Unbeknown to buyers and sellers, they typically utilize holidays as benchmarks to buy or sell a home. The months between Labor Day and Thanksgiving are subject to this behavior as sellers tend to give their real estate agents these type of holiday deadlines or goals. In a seller’s mind, the warmer months are the best time to make the move to a new neighborhood, city or state. So what does this mean for the market when Labor Day hits and the season begins to transition from summer to fall?
As the months got warmer, more homes popped up for sale in your neighborhood. But once those warmer months are over & the fall season begins to approach, what happens to all the inventory that didn’t sell over those 3 short months? The price drops. This is a great perk for buyers who are daring enough to make the move right after the first week of school. Don’t have kids? More buying power to you!
School is in Session
That leads us to our next point. With school in session, many buyers will give up on their home search until the Spring season rolls back around. This means less buyers searching and more sellers trying to get their home sold. In turn, the market becomes a buyers playground (AKA buyers market) as they gain the upper hand and negotiate offers from summer sellers who are acting on urgency to get their home sold.
What About the Sellers?
Don’t fret. This is not all bad news for sellers! What you can take away from this scenario is that you shouldn’t jump to take your home off the market. What does another one to two months on the market mean to you or your family? This question can be answered on a situational basis just as the market can take unexpected turns in certain areas of the state. It’s important to watch the market, move with it and adjust from there. Although some buyers back out of the home search, you also could find a new influx of buyers who are looking to take advantage of falling prices and are more willing to take sellers up on great offers- or some who are desperate to move into their new school district already!
Approach this changing season with caution while listening to your real estate agent every step of the way, but don’t give up hope! Remember, all selling scenarios are situational based on the market in your state, city and even your neighborhood. So, do your homework before making that final decision!
Let’s Talk Vacation Homes
With Labor Day marking the unofficial end of summer, lake homeowners are taking their boats out & celebrating the holiday with friends one last time before making a decision to maintain their home or sell. This time of the year is a great time to search for and sell vacation homes to ensure there is enough time to make necessary renovations. If you’ve always wanted a second summer lake house on one of the many lakes in Ohio, now is a great time to start looking!
You know the drill! It’s time to put your new knowledge into action making adjustments in your home buying and selling plans as Labor Day approaches. Consult with your agent to decide what’s best for YOU in this changing housing market. Happy unofficial end of summer!