In the second half of this year, the domestic market multiplied with performance. Today real estate experts are looking forward to the winter season and the forecast is anything but cold. Like Lawrence Yun, Chief Economist for the National Association of Real Estate Agents (POMEGRANATE), notes:
“It’s going to be one of the best winter sales years.”
The typical winter slowdown in the housing market just doesn’t work. Here’s why.
While today’s historically low mortgage rates are expected to remain low, they won’t be this low for much longer. This could be the last chance for homebuyers to secure such low rates, and they are ready to take action. In recent article, Bankrate explained:
“If you want to buy a house …expect mortgage rates to remain low in 2021. However, the possibility that tariffs would fall to 2.5 percent or less disappeared while the U.S. economy rebounded. “
As we continue to see low interest rates, we will see hopeful buyers looking for their dream homes. Yun confirmed:
“The demand for buying houses remains very strong … And we will probably end the year with more homes were sold overall in 2020 than in 2019… With steadily low mortgage rates and some continued recovery of jobs, more contract signings are expected in the near future.
The challenge, however, is the lack of salable homes. With that in mind, all eyes are on homeowners to see if they will sell this winter or wait until spring. Danielle Hale, Chief Economist by realtor.com, says it is best suited for vendors capitalize this moment sooner than later:
“We are currently seeing buyers stay in the housing market much later than usual this fall. If that trend continues, we will also see more buyers in the market this winter. So, this winter will probably be a good time to sell. “
With buyers ready to stay active this winter, sellers who want to close a deal on the best terms don’t wait until spring to put their homes on the market.
Experts agree that the winter housing market may be larger than ever. Whether you’re ready to buy or sell, let’s connect today so you can be in your dream home before the new year.
Content previously posted in Keep Current Things