The gentle embrace of autumn is finally here, and it's not just the leaves that are changing; the real estate market is evolving too! As we bid farewell to the sizzling summer, we can't help but get excited about the fantastic reasons why this Fall is the absolute best time to put your home on the market.

Mortgage Rates & Market Momentum

Summer brought us a whirlwind of fascinating factors shaping the housing market. While mortgage rates climbed higher, and home prices reached for the skies, we also witnessed a housing inventory that seemed to be playing hide-and-seek. The 30-year fixed-rate mortgage confidently held above 6.5% since May, recently reaching an impressive two-decade high in August, courtesy of our friends at Freddie Mac. Yes, it did impact existing-home sales, with a 2.2% month-over-month dip and a 16.6% year-over-year decline, according to the National Association of REALTORS® (NAR).

Local Insights: Washtenaw County

Now, let's dive into the unique charm of Washtenaw County. Single-family home listings may have taken a bit of a breather, with a 6.6% decrease, and Townhouse/Condo listings even did a little nosedive, down by 27.6%. But here's the exciting part: Townhouse/Condo pending sales decided to join the party, up by a heartening 6.6%! And when it comes to inventory, it saw some significant slimming down, with a 35.6% decrease for Single Family homes and a whopping 45.3% for Townhouse/Condo homes.

Rising Prices & Spirited Competition

Don't let the cooling home sales dampen your spirits because home prices have been soaring to new heights. Nationally, we're breaking records thanks to the limited supply of homes for sale. Here's the jaw-dropping fact: we had a mere 1.11 million homes for sale in August, a staggering 14.6% less than the previous year, equating to a slender 3.3 months' supply at the current sales pace.

This scarcity of available homes has set the stage for some fierce competition among buyers, pushing prices higher. NAR is singing the song of a national median existing home price of $406,700, a snappy 1.9% increase from the previous year.

Why This Fall is YOUR Time to Shine

With all these market dynamics swirling around, you might be wondering why Fall is your moment in the spotlight. It's quite simple—supply and demand. With fewer homes gracing the market, your property becomes a true gem, sought after by eager buyers. Yes, they may be dealing with slightly higher mortgage rates, but they're determined to secure their dream homes, and yours could be the answer they've been searching for.

As the temperatures gracefully drop, and the leaves put on their dazzling display, potential buyers are inspired to act swiftly before the market conditions change again. So, if you've been contemplating selling your home, consider this Fall as your golden opportunity to thrive in the current market dynamics.

Don't delay any longer—embrace this season and make your mark in the housing market while the leaves fall and buyers eagerly seek their new nests. Your perfect Fall awaits!

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Meet the DMA Real Estate Team

DMA Real Estate is a team of experienced, licensed real estate agents serving the Washtenaw County, MI metro area. With a proven track record of getting results quickly and a direct line of communication at all times.