What to Expect from the Eastern Shore Real Estate Market after Labor Day
The Fall market historically transitions to a buyers market, however this year we are still very much in a seller’s market due to low inventory. Here are a few factors affecting the post-Labor Day real estate market:
Change in Motivation: Fall buyers are not in as much of a rush as they are in the Spring to buy a property to enjoy for the summer or relocate prior to school starting. This non-urgency means that buyers are not quite as emotional about finding a house and are less likely to enter into a multiple offer situation.
Second Homes/Vacation Rentals: As summer winds to a close, this is the time our second home clients re-evaluate their needs. Did they use the property as much as expected this summer? Have their circumstances changed? With the rental season over, this is the window vacation rental sellers have to market their property without disrupting guests and before committing to next season’s rentals. If you are looking for this type of property, now may be the best time to conduct your search.
Less Competition for Buyers: Rising interest rates, going back to work, and other factors have cooled the demand a bit. With less competition, buyers are finding their chances of a successful offer are increasing.
More Inventory: Inventory is rising mostly because homes are taking a bit longer to sell. However, well-priced, quality homes are still selling quickly.
Prices are still strong: Prices remain strong due to low inventory. It is true that demand and competition have cooled and prices are falling a little, but they are still much higher than they were pre-pandemic. Despite all the ‘gloom and doom’ reporting, prices are not so much falling as they are not appreciating at the rate they were in the past few years.