Fall has arrived..

Philly weather has officially entered that time of year where you leave the house dressed for one season and somehow come home in another. One minute it feels like summer is hanging on for dear life, and the next there’s a chill in the air reminding us that fall is very much on the way.

And honestly? I’m ready.

Summer was good to me, but I think I finally hit my limit. Between work, birthdays, events, dinners, drinks and generally being outside entirely too much, my body basically sent me a cease-and-desist this week. So I’ve been doing something I’m admittedly not very good at: slowing down. Resting. Staying home. Resetting. Turns out you cannot run around Philadelphia for six weeks straight and expect your body not to eventually collect its debt.

The market seems to be going through a little seasonal reset of its own.

Mortgage rates have climbed again, with the average 30-year fixed sitting around 6.95%, and we’re already seeing what that does to buyer confidence and purchasing power.  Here in the Philadelphia market, inventory is up and homes are taking a little longer to sell, giving buyers more options—and a little more room to negotiate—than they had before. 

That doesn’t mean the fall market is dead. It means strategy matters more. Sellers may have to be more realistic about pricing and condition, while buyers who can comfortably afford to move may find opportunities they wouldn’t have had in a more competitive market. Higher rates aren’t fun, but neither is competing against fifteen offers and waiving everything but your firstborn child.

So maybe that’s the theme heading into fall: adjust accordingly.

The weather is changing. The market is changing. My social calendar is absolutely changing. And after a very full summer, I’m actually looking forward to seeing what a slightly slower season brings.

Until Next Sunday,

Morgan