Thanksgiving is just a few days away and with it the beginning of the holiday season. So, it’s a perfect time to take a look at the forecast for the winter housing market.
According to Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), “it will be one of the best winter sales years ever.”
The typical winter slowdown in the housing market is simply not on the radar this time. Here’s why.
While today’s historic 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 these low rates, and they’re ready to take action. In a recent article, Bankrate explained:
“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 continue to see low interest rates, we’ll see hopeful buyers on the hunt for their dream homes. According to. the NAR’s Yun:
“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 challenge, however, is the lack of homes available for sale. With that in mind, all eyes are on homeowners to see if they’ll sell this winter or wait until spring. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on 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 buyers ready to stay active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring.
The holiday season is actually a good time to market your home. With decorations up and small repair projects completed in anticipation of family gatherings (we hope), our homes never look better.
If you’ve been waiting to make your move, now could be the time to realize a solid return on your investment. Don’t let concern about where you will move hold you back. Low inventory doesn’t mean no inventory. (We have five clients closing on properties this month.)
Buyers can also be reasonable in terms of timing. Remember: they’re juggling the holidays, too.
Helping our clients make the best decisions has been our full time job for 21 years, not a part time hobby. So, let’s connect at 508-568-8191 or [email protected] to review your options. Talk soon…
It has been a crazy year and we’re very thankful for the people, who have trusted us to help them make their move.
We’ve worked with dozens of clients from a military couple based in Texas, who was transferred to the Cape and bought a home based on a virtual tour, to people opting for fresh air and open spaces after being confined in urban settings.
In many cases we made new friends, who we look forward to seeing in the months and years ahead.
We hope you and your family have a safe and stress free Thanksgiving.
Stay healthy. Stay optimistic.
Mari and Hank