Real estate experts looking at this upcoming winter sales season predict the forecast is anything but chilly. 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 article, Bankrate explained: “If you’re looking to buy a home…expect mortgage rates to remain low into 2022. However, the possibility of rates falling to 2.5 percent or lower has faded as the U.S. economy has started to rebound. ”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.com, says: ” Whether you’re ready to buy or sell, contact our team of professionals today so you can be in your dream home by the new year. “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 sales season is likely to be a good time to sell.”
Chuck Biskobing, a senior real estate attorney with Atlanta-based Cook & James, agrees.
“I expect rates to more or less hold steady for the next month in the 3 percent range for a 30-year mortgage. Given recent unexpectedly high jobless claims, I think a major move upward in rates is unlikely,” he notes. “Monthly inflation numbers are a bit of a wildcard, but overall I think rates will remain around current levels for the time being.”
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. Take advantage of this period while you can.
Experts agree the upcoming winter sales season housing market could potentially be bigger than ever. Whether you’re ready to buy or sell, contact The Wagner Team professional Realtors for consultation today so you can be in your dream home by the new year. Contact us for a Home Equity Evaluation if you are thinking of selling in the upcoming months.
For more information on the today’s Real Estate Martket:
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