The housing market has been fiercely competitive over the last few months, but hopeful buyers who keep getting shut out may soon find better luck. Several signs in the housing market point to a potential opening to buy this fall, housing analysts say.
For one, competition is reportedly cooling and listings are receiving fewer offers. In September, the real estate brokerage Redfin reported that bidding wars reached their lowest level this year.
Also, more listings are coming to market, offering buyers more choices. A recent realtor.com® report shows housing inventory is at a high for 2021. Nearly one-third of the 50 largest metros saw increases in the number of newly listed homes compared to last year.
“This September, buyers had more options than they’ve had all year and while that’s typical of early fall, that’s not what happened in 2020,” says Danielle Hale, realtor.com®’s chief economist. “Still, it’s important to remember that while buyers may have an easier time this fall than they did in the spring, the market remains more competitive than it has been historically at this time of year.”