Winter is traditionally real estate’s slow season. Between the cold weather and the holidays, the housing market typically falls right to a hibernation of sorts, with both sellers and buyers shelving any significant real estate movements until spring.
This winter real estate marketplace, however, is shaping up to be unlike any before it and, contrary to what some might have feared, is slated to become a superb time to sell a house. Actually, Lawrence Yun, chief economist at the National Association of Realtors, predicts”it will be among the best winter sales years .”
Why? Chalk this up to a great storm of reduced mortgage interest rates, sparse housing inventory, and a pandemic that’s fundamentally changed how, when, and in which buyers are shopping for homes.
Therefore, in the event that you’ve assumed you should put your own home-selling plans on hold until spring, then keep reading for a surprising fact check on all of the reasons this winter could be a terrific time to place your home on the market.
Pandemic lockdowns have generated pent-up buyer demand
While spring is generally property’s busy season, the”silent spring” of 2020 saw the housing marketplace grind to a near halt amid pandemic-mandated lockdowns. This, in turn, created pent-up demand to purchase property that is just now being unleashed.
COVID-19 has not just established pent-up demand, but many buyers are also from the market purely because they’re working/schooling from house and realizing their distance is not big enough–especially now that the temperature’s dropping so they can not easily escape to their back patio to catch up on mails independently.
And when individuals are allowed to keep on working from home instead of commuting to a workplace, they may also realize they can shop for homes farther outside cities–excellent news for home sellers who reside in more remote areas.
Home stock is low
Though buyers are plentiful, the number of homes available is way lower than normal. In accordance with realtor.com’s Monthly Home Marketplace Trends Report, in September, national housing stock dropped 39 percent over last year.
Sellers may get top dollar for their homes
It is simple supply and demand: Low supply and higher demand are bound to push home prices, therefore sellers stand to make a killing.
Across the country, median home record prices jumped 11.1% in September compared with a year ago, to $350,000, according to realtor.com.
Mortgage interest rates are low
For starters, despite high home costs, record-low interest rates mean they’ll save yourself a ton of money.
Interest rates on a 30-year fixed-rate loan were 2.8percent as of Oct. 22, according to Freddie Mac.