Changes in seasonality bring different trends to the residential real estate market that savvy REALTORS® know how to address. As the summer vacation season shifts into fall, for example, there are several things you can do to increase business opportunities.
The most obvious trend stemming from summer’s end involves families with school-aged children. Few parents want to move their kids after school starts so home sales within this demographic understandably go on a decline each September.
On the other hand, Seasonal Patterns in Home Sales Data, a post from the Economist’s Outlook blog, indicates that singles, young couples, and empty nesters are still in the market well into fall and are more likely to purchase a home during this season than any other buying group. Further, these buyers are prone to close a deal quickly, because most want to get into their new home well before the holiday season begins.
So the idea of shifting your marketing strategy to address younger professionals without families makes sense right now. This is particularly the case if you have listings located near a dense population of rental properties.
Other fall trends to note include:
- Lower Prices— Sellers oftentimes lower the prices of their properties, because they do not want their homes to remain on the market during or after the holiday season.
- Less Buying Competition — Fewer buyers are in the immediate market to purchase homes in the fall, which decreases the likelihood of bidding wars.
For more insight on what to expect on how seasonality and other economic factors will affect the fall selling season, watch a video entitled, Pending Sales Decline in August, which offers insight by NAR’s Chief Economist Lawrence Yun.
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