Market Update: Fall 2021

While the market continues on at a fast pace into the fall season, has it changed at all since spring and early summer? 

Yes, it absolutely has. By mid-summer, we saw an increase in inventory in our Annapolis area. As a result, houses stayed on the market longer than they did in the spring. The 0-2 days on market increased to about 6-7 days.

In addition to more inventory and more days on the market, I’ve seen situations more than once in which a bidder who won out over multiple offers did not go through with the transaction. These buyers use reasons such as the home inspection or HOA document review to walk away from the deal. Could these second thoughts be buyer’s remorse after getting caught up in the frenzy of a bidding war? 

Regardless of the reason, based on these factors, I believe the smoking hot market we experienced for the previous year has peaked.

If you’re a potential buyer who has been sitting on the sidelines, waiting for the multiple offer environment to die down, this fall is a good time to jump in. The market is still competitive, interest rates are still low and there is definitely more to choose from. 

If you’re a seller, you will continue to see strong offers come in quickly, but with less stress in the process.

Whether you’re in the real estate market or not, those cool, crisp autumn days are just around the corner. So get out there and enjoy the beach, the mountains, the farmers market, sporting events, and backyard barbecues, and–most importantly– time spent with family and friends!