Fall Is a Different Kind of Market

What changes when the Lawrence real estate market moves from summer into fall? We asked our agents to weigh in on what they’re seeing, from buyer behavior and pricing to inventory and the little things sellers can do to stand out.

Their answers point to a market with more choices for buyers and a little more competition for sellers. For both sides, understanding how the market has shifted will be key this fall.

Buyers have more choices

Lawrence has considerably more inventory than it did a year ago. According to Lawrence Board of REALTORS® statistics, there were 215 active homes in the city at the end of July, more than 50% higher than a year earlier.

The median days on market was 11, although the experience varies by price range. “Generally, it appears that homes priced above the $400k-$450k ballpark have a significantly smaller buyer pool than below that price level,” says Zach Dodson.

With more homes to choose from, buyers are paying closer attention to condition, location and price. Fall buyers also tend to have more time to shop, since many aren’t working around the start of the school year or an August 1 lease transition.

“Buyers have always been selective they just have more runway to land the plane now!” says David Dunn.

Pricing matters

That extra runway makes pricing especially important for sellers. Zach recommends pricing closer to the middle of the range supported by comparable sales rather than pushing the upper edge of what a seller might hope to get.

Lauren Ballard puts it plainly: “Price properly for the market you are in, not the market you wish you were in OR the market you purchased in. Things can change like the tides.”

Make a great first impression

With more competition, condition matters, too. Ariela Unz recommends decluttering, cleaning thoroughly, taking care of obvious repairs and making the exterior welcoming. Professional photography is a must.

Zach also recommends getting a home into “tip-top condition” before listing, whether that means fresh paint and flooring or smaller improvements like updated hardware, lighting and appliances.

And David points out that making a home stand out doesn’t have to mean a major renovation. “Curb appeal, pops of color, sleek staging of current household items, and cleanliness are easy and inexpensive!”

Lauren agrees, especially when it comes to those all-important listing photos: “Absolutely prepare your house for showstopper photos. That is the first thing that buyers see and quickly dismiss.”

More options for buyers

The good news for buyers is that more inventory means more choices. Ariela Unz says fall buyers tend to be “a little more purposeful and motivated,” whether they’re responding to a job change, planning a move before winter or simply deciding they’re ready after watching the market for months.

Homes that are priced well and in good condition are still attracting attention, particularly those under $400,000, but buyers may have more opportunity to negotiate than they have in recent years.

Contingencies may also become more common as the market becomes less competitive, giving buyers who need to sell their current home a little more flexibility.

The takeaway as we head into fall? Buyers have choices. Sellers need to compete. And pricing and preparation can make all the difference.

And then there’s the part of fall that can’t be measured in statistics. As Lauren says, “I love a Fall Listing….cozy.”