We recently surveyed TeamERA’s brokers and agents to gather their insights on the fall selling season – a shorter period of home buying and selling than spring selling season. Some of their responses were surprising, and all were insightful! We wanted to share with you some of the top findings.
Sixty percent of respondents are seeing a traditional uptick in activity during the fall selling season in their markets. Even more interestingly, though, of those who don’t typically experience a fall selling season spike, one third are expecting to see an uptick in activity this year – a positive change from normal seasonal activity. Furthermore, respondents believe consumer confidence is playing a big role in the projected activity spike.
Favorable interest rates are another driving force behind this fall’s anticipated flurry of activity, as more than half of TeamERA professionals surveyed cited low mortgage rates as a significant buyer motivation this season. Affordable lending, coupled with the increase in overall median household income as reported by the U.S. Census Bureau in September, could also positively impact market activity through the end of the year, as the jump in income levels was one of the largest annual increases ever recorded.
Our survey also identified types of buyers, with 48 percent reporting mostly first-time home buyers in their market. Forty percent of respondents are seeing mostly downsizing and buyers who are headed into retirement, while only 13 percent reported vacation home buyers as a core demographic in the fall.
Are you seeing an uptick in activity as the fall progresses? How do you expect it to affect the winter months? Tell us in the comments below!