This upcoming winter housing market has all the potential to be one of the very best winter seasons to date!
In the latter portion of this year, the housing market has been very busy with activity. Currently, real estate advisors are looking ahead to this winter and the forecast is definitely not cold. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:
“It will be one of the best winter sales years ever.”
The normal winter dip in real estate activitiy is not being predicted for this season and here is why.
Although today’s super low mortgage rates are expected to stick around for awhile longer, they won’t be here forever. This might be the last chance for homebuyers to take advantage of today’s historically low rates and buyers are ready. In a recent article, Bankrate explains:
“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has rebounded.”
As long as we still see low interest rates, we will see homebuyers flooding the market in search of their dream home. Yun confirmed:
“The demand for home buying remains super strong…And we’re still likely to end the year with more homes sold overall in 2020 than in 2019…With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”
The problem with this whole scenario isn’t a shortgage of willing buyers, but a shortage of homes available for purchase. Because of this, we are watching homeowners to see if they will put their home up for sale this winter, or if they will wait and sell in the spring. Danielle Hale, Chief Economist for realtor.com, says it’s better for home sellers to take advantage of this moment sooner rather than later:
“We currently see buyers sticking around in the housing market much later than we usually do this fall. If that trend continues, we will see more buyers in the market this winter, too. So, this winter is likely to be a good time to sell.”
With home buyers still flooding the market in large numbers, home sellers should definitely consider taking advantage of this and selling their home this winter season.
Winter Housing Market Wrap Up
Experts agree the winter housing market has the potential to be one of the best ever. Whether you’re looking for your dream home or are looking to sell, let’s connect!
If you are looking for tips on selling your home in the winter, click here.