The fall season is a real estate market unto itself, with its own unique dynamics and opportunities. Below we share a few aspects of the autumn market that are good for buyers and sellers to know.
Opportunities for buyers in the fall market
Right now is a great time to be shopping for a home, and here are two big reasons why:
There are fewer buyers to contend with in the fall
Take a look at this chart below, which shows Dane County buyer activity throughout the calendar year. Right now there are roughly 40% fewer offers being accepted compared to the peak months of March, April, May and June. The pace of the market is slower in the fall, and easier on buyers.
There are fewer multiple offer situations and bidding wars in the fall
Competing offers and bidding wars are also less prevalent this time of year. With less competition, many fall buyers are able to negotiate a better price than buyers in the spring and summer.
Opportunities for sellers in the fall market
In this recent blog post we shared a few different types of properties that benefit from good demand every month of the year. These highly marketable properties include:
properties for first-time home buyers
ranch style homes and condos
condos in 55+ communities
properties in perennially hot neighborhoods and condo associations
properties adjacent to conservancy space
impeccably maintained properties
and properties with inspiring views
But the truth of the matter is, you can successfully sell this fall no matter what type of property you own. After all, hundreds of properties are sold in Dane County every month of the year. However, it's important to have the right expectations for the fall season. There are fewer buyers in September and October compared to the peak months of spring and early summer, so having a solid marketing plan and selecting the right price are important.
It's also worth noting that right now is the ideal time for anyone who's planning to sell their starter home and buy a larger, higher-priced property. That's because starter homes are always in demand due to a constant shortage of supply, but there's a little more slack in the market for more expensive properties. If you need to write an offer that's contingent on the sale of your starter home, this fall is the perfect time to go for it.
Do you have questions about buying or selling in Madison's fall real estate market? Reach out to your favorite Mad City Dream Homes agent for a quick and casual consultation.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred