The housing market will remain hot this winter

The housing market will remain hot this winter
According to some economists, this year unlike each winter season, the housing activity will not slow down, it will remain consistent. This year may become the best winter sales year.

The buyers find the current conditions of record low mortgage rates and low inventories along with high demand encouraging. The current remote work and virtual class situation makes homebuyers look for upsized homes. Some employers want to make the option of remote work a permanent alternative and some prospective home buyers want to own a house away from the edge of the cities to have more spacious accommodation at affordable prices. All these factors combined give a boost to the housing market.

The buyer traffic which usually lessens in fall did not show any slowdown this year, in case this trend stays on, then the winter season will also be conducive for selling. This year’s home purchase season may well extend into the early months of 2021.

Inventories are low this year compared to past years. Even though there is some recent improvement in the national housing inventory, but it still is 39% lower than 2019. High demand with low inventory always benefits sellers, leading to emerging of newer listings. New homes keep emerging for listing, but the demand is too high to be met, creating an upward pressure on home prices which in turn drives the sales faster.

According to the data shared by NAR, the properties which were sold in the month of September this year lasted in the market list for less than a month. The average lasting time for a listed property in the market this September was 21 days only.

The high demand and low supply situation has encouraged buyers to make quick decisions for buying homes that they want due to the risk of losing the home they desire to some other buyer.