Why More Homeowners Are Deciding to Sell Right Now

As the summer season wraps up, it’s common for homeowners to scale back on their plans to move, resulting in fewer homes listed for sale in the fall. This trend is typical in the real estate market. However, this year, something different happened. Mortgage rates decreased just as the usual slowdown in listings was expected. What caused this? More homeowners chose to put their homes on the market, increasing the number of properties available.

In fact, recent statistics show that in September, the number of homes listed for sale jumped by 11.6% compared to the same month last year. Instead of the typical decline in new listings, we saw a surprising increase:

“This sharp rise is largely due to the drop in mortgage rates in mid-August, encouraging more homeowners to list their properties.”

As mortgage rates dropped at the end of summer, more homeowners decided it was time to sell.

What Does This Mean for Homebuyers?

For potential buyers, this is great news. More fresh listings mean you’ll have a wider range of properties to choose from—rather than only considering homes that have been sitting on the market for a while.

However, keep in mind that mortgage rates have been volatile recently, with some small increases in the past weeks. This could impact how many homeowners feel comfortable selling in the near future, as mortgage rates play a major role in their decision to move.

Why You Might Want to Buy Now

If you’re looking for your first home, upgrading, or downsizing, now might be the perfect time to start your search. With more homes available, you have a better chance of finding something that fits your needs. However, don’t wait too long—new listings won’t stay on the market forever. It’s important to keep an eye on the latest properties with the help of a trusted real estate agent.

While one month’s data doesn’t establish a long-term trend, what happens next will largely depend on mortgage rates and other economic factors, such as inflation, employment rates, and decisions made by financial regulators.

That being said, now could be a great time to buy, especially if you’re prepared to make a move this fall.

Experts suggest, “The increase in inventory—and specifically the rise in months of available supply—means homebuyers are better positioned to find the right home, potentially at more favorable prices.”

The Takeaway

As mortgage rates decreased at the end of summer, more homeowners decided to sell, increasing the number of properties available for buyers. To make the most of this influx of options before they disappear, partnering with an experienced local real estate agent is the ideal way to successfully navigate the market.