Nationwide property tours, offers decline in October

The rate of home tours and offers is expected to slow even more during the course of November.National homebuying activity often slows during the fall and winter, but some experts expect transactions to continue through the Houston-area in the coming months.During October, nationwide property tours among buyers declined nearly three percent from the previous month, according to a report from Redfin. Meanwhile, the volume of offers dipped an estimated 4 percent.??”We always see significant declines in demand in the final three months of the year, but demand slipped a bit more this October than last year,” said Redfin CEO Glenn Kelman.The rate of tours and offers is expected to slow even more during the course of November, Kelman added. This may occur, in part, as a result of Hurricane Sandy.The impact the storm had on homebuying activity in the Northeast may be enough to offset gains made in other parts of the country. However, the effects of Hurricane Sandy likely won't have an impact on Houston real estate.??What could weigh heavily on homebuying activity in Houston, however, is a thinning property inventory. Property values in the area trended higher so far this year, and many current owners may hold off from selling their homes until they can make the biggest possible profit. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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