The surprises of 2020 continue, but this week in a good way! The National Association of Realtors® has stated that “this winter's real estate market... is shaping up to be unlike any other before it.” Read more about why and what it means for you below.
THE PROJECTIONS
Multiple major industry publications have reported on how this winter selling season is likely to create sales records. In regards to why, REALTOR.com says you can “chalk it up to a perfect storm of low mortgage interest rates, sparse housing inventory, plus a pandemic that's fundamentally changed how, when, and where buyers are shopping for homes.” Similarly, Mortgage News Daily revealed that not only has the pandemic pushed the selling season later into the year, but it has accelerated buyer needs. Noted changes in buyer behavior include: needing more space, seeking multi-generational homes and finding a residence that better met their needs amidst the lifestyle changes that 2020 required.
The shutdown in March created what agents have called a ‘silent spring’ that further fueled pent-up buyer demand. REALTOR.com Chief Economist Danielle Hale has stated that “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.” Shelby McDaniels, Channel Director of Corporate Home Lending at Chase agrees that “We will see an extended purchase season in 2020 and into 2021.”
THE POSSIBILITIES
So, the news seems pretty good right? Maybe even a little intimidating? Please don’t let the fast pace of the market today create fear; we love to frame the unusual circumstances of this season as simply ‘more.’ More possibilities. More opportunities. More perspectives.
For sellers, this means you have a greater window of time to sell. You may not need to wait until spring if you need to make a move now. You may even obtain multiple offers (what an awesome holiday gift!). We can help you review your goals and your timeline in the context of the current market and homes like yours in your community to advise what your options are. There may be MORE than you think!
For buyers, this means you may have more market competition – but also more to look forward to! The sooner you get into a home, the sooner your next chapter begins. And if you are now working remote and will be for the long-term, maybe you have more locations to consider, and a greater idea of what your next home needs to have to fit your life today.
If 2020 has brought nothing else, we hope it has brought more clarity to what makes your life better, who brings you joy and how you thrive amidst change. If we can help that clarity come to life, please do not hesitate to reach out. This winter, and all that follows, is full of possibility and ripe for renewal. It’s going to be fun!
All my best,
Mark
Mark Barber (Homes of SV, A Sereno Group Team)
408.290.0072 / mark@homesofsv.com
License: 01220031 / Equal Housing Opportunity