What Will Fall Be Like for Real Estate?
The forecast for the coming months is lower temperatures—and a cooler real estate market, if only by a few degrees.
The housing market is expected to shift to something closer to normal this fall, real estate experts say. They anticipate more homes will go up for sale, helping to slow down the unparalleled price increases and bidding wars of the past year.
But the market is likely to remain highly competitive, as there will still be many more buyers than homes to go around.
“We’re going to exhaust the pool of buyers who are still sitting on a lot of cash looking to buy their next home,” says Realtor.com® Senior Economist George Ratiu. “The market does not have a magical way of sustaining this pace [of price growth], because you’re going to run out of people who can afford it.”
“We are definitely shifting from an extreme excess of demand to a more moderate excess of demand,” says Ken Rosen, chair of the Fisher Center for Real Estate and Urban Economics at the University of California, Berkeley. But “it’s still going to be a seller’s market.”
Source: National Association of Realtors, Clare TrapassoTrends, realtor.com news editor.
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