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Autumn Market Brings Buyers Cooler Conditions

A seller's market is one where there are more buyers than there are homes for sale. And this year's market has been a great example of that. With a historically low number of homes for sale, competition and bidding wars have frustrated buyers and helped drive surging prices even higher. But the market began to cool in late summer and now, in early autumn, there's evidence that it's calmed even further. Prospective buyers are now finding more homes available for sale and less competition from other buyers; time on market is increasing and the share of sellers who had to drop their list price has nearly doubled from where it was in April. Additionally, inventory has now risen for four consecutive months. That's encouraging news for today's buyers. But while a calmer market should help bring some relief, it is still a seller's market – just one that has finally begun to slow down. So home shoppers should still make sure to have their finances in order and be ready to act fast when they find a home they love.