Why Did More People Decide To Sell Their Homes Recently?

As summer comes to an end, homeowners often slow down their plans to move, leading to fewer homes being listed for sale during the fall. This seasonal trend in Cincinnati real estate is typically predictable. However, this year saw an unexpected twist. Mortgage rates dropped just as the number of homes on the market usually starts to decline. As a result, more homeowners in Cincinnati and Northern Kentucky decided to sell, bringing more homes to the market.

According to recent data from Realtor.com, the number of homes listed for sale in September increased by 11.6% compared to the same time last year.

The graph below shows the typical September decline in listings didn’t happen this year – instead, it rose (see graph):

Ralph McLaughlin, Senior Economist at Realtor.com, explains that this unseasonal surge in listings is tied to falling mortgage rates:

“This sharp increase is largely due to the decline in mortgage rates in mid-August, enticing homeowners to sell.”

So, as mortgage rates fell at the end of summer, more people in Cincinnati jumped into the real estate market, deciding it was the right time to sell.

### What Does This Mean If You’re Looking To Buy a Home in Cincinnati?
This increase in listings means you’ll have more fresh options to choose from than in previous months – not just the homes that have been sitting on the market for a while.

However, it’s important to remember that mortgage rates have been volatile recently, with a slight uptick in the last few weeks. These rising rates may deter some sellers from listing their homes in the coming months. Mortgage rates are a key driver in the real estate decisions made by homeowners in today’s market.

### Why Buy Now, Rather Than Wait?
Whether you’re searching for a starter home, looking to upgrade, or downsizing, you currently have more homes to choose from in the Cincinnati and Northern Kentucky real estate market. If you find a home that meets your needs, don’t hesitate, as these new listings won’t be available indefinitely. Partnering with a trusted real estate agent who knows the local market is essential for staying ahead of new listings.

It’s also important to remember that one month of data doesn’t establish a trend. Whether the number of homes on the market will continue to rise depends on several factors, including mortgage rates, inflation, employment rates, and the actions of the Federal Reserve.

Given the current circumstances, this may be your best opportunity to find the right home if you’re ready, willing, and able to buy this fall.

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), offers insight:

“The rise in inventory – and, more technically, the accompanying months’ supply – implies homebuyers are in a much-improved position to find the right home and at more favorable prices.”

### Bottom Line
As mortgage rates decreased at the end of summer, more sellers returned to the Cincinnati and Northern Kentucky real estate market, giving buyers increased options. Working closely with a local real estate agent is the best way to capitalize on these new opportunities before they disappear.