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WASHINGTON —The latest report from Realtor.com found that the number of homes under contract last month rose 3.5% year over year, which is a large gain compared to the 0.3% increase in August.
The lower mortgage interest rates have enticed some buyers into the market from the sidelines. Realtor.com economist and study author Ralph McLaughlin said, “Some sidelined buyers are coming back onto the field as both their buying power and home choices increase.”
Inventory also increased in September, with 34% more homes listed compared to a year ago. The increase in inventory comes during a typically slower selling season, but it also could be a warning to sellers as buyers may have more wiggle room during negotiations.
Agents say sellers should not overprice their homes because as the market rebalances. Buyers will be looking for more negotiation room. The median cost of a home is $425,000, down from $429,500.
Jeff Lichtenstein, a real estate agent with Echo Fine Properties in Palm Beach Gardens expects the real-estate market is likely to pick up after the November elections, but others suggest that many buyers are still waiting for mortgage interest rates to fall further.
In the Florida market, according to Florida real estate agent Cara Ameer, “Builders are rolling out the red carpet with offering aggressive incentives, from waiving lot premiums entirely, price reductions, closing costs, and significant interest rate buy-downs to overcome all of the buyer objections in the market. She added, “I have even seen builders offer to include a pool at no additional cost to get homes moving in some communities.”
Source: Realtor.com (10/09/24) Gerstein, Julie
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