Winter Will Bring a Flurry of Activity to the Housing Market

Ryan Band • Dec 03, 2020

Winter Will Bring a Flurry of Activity to the Housing Market

Winter Will Bring a Flurry of Activity to the Housing Market | MyKCM

In the second half of this year, the housing market  surged  with activity. Today, real estate experts are looking ahead to the winter season and the forecast is anything but chilly. 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 typical winter slowdown in the housing market is simply not on the radar. 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’re ready to take action. In a recent  articleBankrate  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. 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 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.comsays  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 to put their homes on the market.

Bottom Line

Experts agree the winter housing market could potentially be bigger than ever. Whether you’re ready to buy or sell, let’s connect today so you can be in your custom dream home by the new year.

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