Is it seasonality, or is it a slowdown? This is the big question on many minds in the real estate business. Until recently, we had always experienced a slower August, but during the COVID/Pandemic
September 2023 | Market Update
Dated: September 5 2023
Views: 41
Is it seasonality, or is it a slowdown? This is the big question on many minds in the real estate business. Until recently, we had always experienced a slower August, but during the COVID/Pandemic years, we did not experience the same seasonality in the market as in previous years. Traditionally, we’d see the market slowdown in July and August because of vacations and kids returning to school or college. The holiday season would normally bring a similar situation in November and December. With the low-rate environment between 2020 and 2022 and the work-from-home/remote work situations, the real estate market never slowed down during that time. As a result, a lot of real estate professionals are not used to the current market that we are in. Most are also not accustomed to rates being in the 6% and 7% range – or sometimes even higher. Today’s market requires a skilled Realtor to help you navigate the real estate market if you are looking to sell or buy.
With the combination of the lock-in effect of low rates, lack of new homes being built over the last 14 years, and people staying in their homes longer than ever before, the result continues to be low inventory levels of homes for sale. Mortgage rates have more than doubled in the last year, greatly impacting the real estate market. With so much volatility in the market, you must choose to work with a Realtor who knows how to navigate these rocky times.
I believe we are in a seasonal slowdown right now. I expect things to pick up after the Labor Day weekend, and we should continue to have a normal pace of sales until mid-November. Interest rates will continue to fluctuate up and down around 7%, which today’s buyers are now accustomed to. Some houses will still generate multiple contracts, and others will stay on the market for weeks. We will basically be in a normal market. My advice is to be patient. If you are a seller, don’t expect multiple offers and a quick sale because it may not happen. Everything will be OK - your house will sell if you get it in the right condition and price it properly. If you are a buyer, there will be a house for you - be patient, but also move quickly if you find the right one because other people are looking as well.
I am here to help you, so please feel free to reach out to see how I can help you sell your house or buy your next home.
Scott MacDonald
As a Northern Virginia native, I am familiar with many neighborhoods and their amenities to help educate your buyer referrals or highlight the benefits to enhance the home values of your seller referr....
Latest Blog Posts
As always, time really flies during the summertime. It is hard to believe that we are already entering August. In the real estate world, we typically see a slowdown this time of year with vacations,
As we enter the Dog Days of Summer, how will the real estate market respond? It is predicted that we will experience a typical seasonal slowdown. However, buyer demand is expected to continue, and
The real estate market continues to amaze me. As many of you know, interest rates more than doubled in 6 months. The rates went from 3.5% to over 7% from May to November. At that time, the market
© BRIGHT, All Rights Reserved
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
