During the second half of 2020, the housing market increased dramatically. Now, real estate experts are looking ahead to the winter season. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), says:
“It will be one of the best winter sales years ever!”
When we think of winter, we think of a slow down in the housing market. That won’t be the case this year. Keep reading to find out why.
Today’s historically low mortgage rates are expected to remain low; but they won’t be this low for much longer. Homebuyers should act soon, as this could be your last chance to lock such low rates. 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.”
Although, there is a challenge that homebuyers face: the lack of homes available for sale. Therefore, all eyes are on homeowners to see if they’ll sell their home 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.”
Since buyers are 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.
Most experts agree: the housing market could potentially be bigger than ever this winter. You don’t want to miss this great opportunity to buy your next home. Connect with our team today to see if you are ready to buy your dream home this winter.