Home sellers may be wondering whether to put their homes on the market now during the winter months or wait for spring 2021. There are arguments for both sides, but the National Association of REALTORS® predicts that this “will be one of the best winter sales years ever.”
NAR economists say we have a perfect storm of low mortgage interest rates, low housing inventory, plus a pandemic that’s causing many homebuyers to work from home and virtually school their children. They’re rethinking how and where they want to live. While most homebuyers purchase homes to secure more living space, that’s true now more than ever.
Buyers are looking for advantages because low inventories and rising prices favor sellers. Many will look at homes in the winter because the interest rates on the benchmark 30-year fixed-rate are below three percent for those with good credit. There’s less competition from other buyers, which means fewer above-list-price offers and bidding wars.
According to CNBC real estate expert Diane Olick, buyers could be reaching their limits in terms of housing prices after months of double-digit increases. This fall, for the first time in months the NAR reported a decline in pending home sales. While the number of listings available for sale is still lower than year-ago levels, the percentage is shrinking. Price reductions are becoming more frequent, but continue to remain low.
To find out what’s happening in your area, contact your Berkshire Hathaway HomeServices network professional for an in-depth market analysis.