Exploring key trends and insights for September 2023.
As September rolls in, we typically expect a lull in the real estate market as families settle into back-to-school routines. However, this year seems to defy the norm. Let’s dive into some intriguing market observations, particularly regarding buyers and inspections.
1. Buyers are still active. Despite fluctuations in interest rates, buyers remain actively engaged in the housing market. While they may not be swarming like a few years ago, they are out there, diligently searching for homes. Interestingly, most offers we’re seeing come from buyers with significant cash reserves or substantial down payments. The era of minimal down payments seems to be on pause.
“These trends highlight the evolving dynamics in the real estate market.”
2. Deferred maintenance emerges. Inspections continue to play a pivotal role in transactions. They’re not disappearing anytime soon. What’s noteworthy is the resurgence of deferred maintenance issues. In a market that previously saw homes receiving multiple offers, minor maintenance concerns often took a backseat. However, today’s buyers are more discerning, and sellers are finding it essential to address these issues upfront.
3. Septic system insights. Properties with septic systems are experiencing a shift in how inspections are approached. Sellers who have taken proactive steps, including inspections and maintenance, are reaping the benefits. Some are even skipping septic inspections altogether because they’ve already ensured compliance.
These trends highlight the evolving dynamics in the real estate market. If you have any questions or need insights specific to your situation, please don’t hesitate to reach out.