Ready to Capitalize on the Buyer Advantage?

Waiting to purchase a home?

Fall 2024 may be your season to act

This year’s housing market has slowed compared to the frenzied pace of the past few years, marking a welcome shift for buyers as we approach the best time to purchase. Days on market for active listings has been extending...even here in Middle TN. With a slower pace, more available listings, and reduced competition, Fall 2024 is shaping up to be a prime buying season.

As we head into late September and October, buyers are finding the market more favorable than it has been in years. Mortgage rates are continuing their downward trend, and inventory is set to hit a seasonal high, offering you more choices at better prices. In Greater Nashville, active listings have increased significantly (by 22% year over year), and the rising inventory means less competition, providing more opportunities for buyers to find a home at the right price.

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1) Lower mortgage rates on the horizon

Mortgage rates are expected to dip this fall, potentially dropping by up to 1 full percentage point over the course of Q4. This will make monthly payments significantly more affordable compared to last year.

2) Plentiful listings

Inventory levels typically peak in early fall, and 2024 is likely to see the highest levels since before the pandemic. This increase in listings offers buyers a wide range of options, with less competition for each home.

3) Less competition from other buyers

By September and October, buyer demand typically drops by nearly 30% compared to the peak season, giving you more breathing room to make your decision without as much pressure from competing offers.

4) A more manageable market pace

With the market slowing down, buyers can take more time to consider their options. Homes are staying on the market longer, and sellers are often more flexible in negotiations.

5) Lower post-peak home prices

Fall is known for price reductions as demand cools and inventory lingers. Many homes see price cuts after the peak summer season, potentially saving buyers thousands of dollars.

So, ask yourself—Are you ready to strike while conditions are in your favor as the buyer? Falling mortgage rates could bring more buyers to the market. Don't wait around to find out!

Best of Both Worlds

Thinking strategically, if you buy this fall, are you in a position to hold onto your current home until spring? Doing so allows you to avoid the complications of making an offer burdened by a sale contingency. The timing could put you in a great position to benefit from a stronger seller’s market when the time comes to sell. With years of market growth boosting your equity and your mortgage steadily being paid down, this could be the perfect opportunity to buy low and sell high. In fact, CoreLogic reports that homeowners with mortgages have seen their equity increase by 8% in the past year alone.

If this “buy now, sell in the spring” concept appeals to you, I’d be happy to connect you with trusted mortgage advisors who can provide clear, informed guidance. Additionally, ask me about Compass Private Exclusives or jump over to my earlier blog post (click link). During the quieter winter months, we can list your home just within the Compass agent environment - with no days on market counted against you - offering it exclusively to a pool of qualified buyers looking for under-the-radar opportunities.