Fall Expected to Be a Major Moment for Real Estate. How Buyers and Sellers Can Take Advantage.

As fall 2024 approaches, the real estate market is expected to heat up in a way that could benefit both buyers and sellers. The combination of low mortgage rates—the lowest in a year—and the possibility of further interest rate cuts from the Federal Reserve creates a perfect storm of opportunity. Top celebrity brokers Tom Postilio and Mickey Conlon, who have overseen nearly $3 billion in residential sales, are predicting a particularly active season.

“We predict that there will be lots of new inventory coming to market, along with many new buyers who’ve been waiting for this moment,” says Tom and Mickey, referencing the surge of activity they’ve already seen this summer.

The Fall Market Dynamics

Typically, autumn is a busy time for real estate, as sellers look to close deals before the holidays, and buyers aim to settle into new homes. But this year, the stakes are even higher. With mortgage rates at their lowest point in a year and the Fed poised for another rate cut, buyers sitting on the sidelines will likely enter the market in droves. Tom and Mickey note that mortgage applications and refinancing have been rising in anticipation of even more favorable conditions.

However, with increased activity comes increased competition, especially for homes in sought-after areas. Understanding how to navigate this competitive landscape is key for both buyers and sellers.

Sellers: Maximize Your Property’s Potential

For sellers, the uptick in buyer interest means presenting your home in the best light and being strategic about when and how you list it. Here’s what Tom and Mickey recommend to stay ahead:

1. Curb Appeal is Critical: First impressions matter. As the weather cools, make sure your home’s exterior is well-maintained and seasonally appropriate. Clean landscaping, vibrant fall flowers, and outdoor lighting can make a home feel more inviting as days get shorter.
2. Highlight Seasonal Features: Fall is when potential buyers want to feel warmth and coziness. If your home has features like a fireplace, highlight them. Set the scene with soft lighting, plush throws, and warm colors to evoke a sense of comfort and relaxation. Small touches can make a big impact.
3. Timing is Everything: While more buyers will enter the market, there’s also expected to be more inventory, meaning sellers need to be strategic. Listing your home at the right time, particularly during weekends or peak viewing hours, can ensure you capture attention. Also, homes that show well in natural autumn light can create lasting impressions.

Buyers: Be Ready to Act

This fall presents a fantastic opportunity for buyers to lock in favorable mortgage rates, but that means being prepared to act fast. With competition high, Tom and Mickey suggest the following strategies to stay ahead:

1. Get Pre-Approved: This step is crucial. A mortgage pre-approval, not just pre-qualification, signals to sellers that you’re a serious buyer with the financial backing to close the deal. This can be the difference between winning and losing your dream home in a competitive market.
2. Engage an Experienced Agent: A good real estate agent who understands the local market is invaluable. They can provide insight into which homes are worth pursuing and help you craft competitive offers. With inventory expected to increase, having an agent with a deep knowledge of the area can give you an edge in spotting new listings before others.
3. Be Prepared to Move Quickly: Homes in desirable neighborhoods are expected to sell quickly, especially with more buyers entering the market. Have a clear idea of what you’re looking for, and be ready to make an offer when the right home comes. Even a day’s delay can mean missing out in a hot market.

Looking Beyond Fall 2024

As we look ahead, the real estate market will likely remain competitive, particularly if mortgage rates continue to hover at low levels. Buyers should be prepared for fierce competition not just this fall but moving into early 2025 as well. On the other hand, sellers can expect to see continued interest, especially if inventory remains tight in high-demand areas.

However, it’s not just about what happens this fall. The market is evolving, and buyers and sellers must stay informed. Economic factors, interest rates, and local market dynamics will continue to shape real estate trends well into next year.

The advice for those ready to move is clear: be prepared, strategic, and act fast.