By Jason Holtman
The COVID pandemic began during the beginning of the spring housing market, which typically lasts until June. Although initially housing searches and showings took a huge dip nationally, it didn’t last long and we have actually had an extremely robust year so far in housing sales. Experts have been amazed at the strength of housing through this trying time for our country and the world, and some economists even predict that 2020 will outperform 2019!
This fall could resemble or mirror a typical spring market, which would mean the year would finish out even stronger. Limited inventory of homes combined with an overabundanceof buyers has provided tremendous competition on homes, but the fallout is there are plenty of buyers still looking to purchase. Combine that with continual record low-interest rates (currently under 3% for a 30-year mortgage), no traditional timelines centered around schooling, and the need for many to have multifunctional housing, this fall could certainly be the “new Spring.”
Most economists do not see a rise in interest rates in the near future, so unless you are refinancing and staying put in your current home, or are looking to buy your first home, this fall and winter should be a great timeto sell and buy.
If you are contemplating your next move and would like a clearer picture of your homes’ value, please reach out and we’d be happy to sit downwith you and discuss your options.