Real Estate Agents (us included) often encourage Buyers to buy and Sellers to sell regardless of the climate, because there may be an impending need. They may be outgrowing a home, looking to downsize or relocating to pursue a promising opportunity. While it's difficult to time market trends, what you can do is try and minimize your costs along the way.
Typically the Fall season experiences a cool off as Buyers hunker down for the Holiday season, but we've found that savvier Buyers will focus on opportunities in Q4 versus the more competitive Spring/Summer despite lesser inventory. Despite current rates, Sellers that need to sell will ultimately have to list and realize they likely won't receive 10+ over asking price offers with waived contingencies this time around.
Those Buyers fortunate enough to purchase All Cash will have increased leverage and take advantage of time sensitive sales. Cash is often king, but didn't always win out with fully waived contingencies at over 20% over ask.
In any market, desirable, well priced properties will garner a lot of interest. Overpriced properties will correct and adjust down. Good luck to everyone looking to purchase and/or sell and remember to at least ask about commission rebates and reduced listing fees. The more time you can save your broker on the front end, the more you can potentially save.
Happy Fall!
LA Real Estate Rebate (Serving Orange County too)!
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