Key Takeaways:
- This winter might be a great time to enter the housing market.
- Mortgage rates are steadily increasing and homes are selling quickly, meaning buyers might want to look into moving now rather than later.
- 220 Agents can help you buy (or sell!) a home this winter! Want to know more about the market trends and predictions? We’ll give you advice!
New Forecasts for the Housing Market Predict a Surge This Winter
Typically, winter isn’t a hot season for home sellers—cold weather means fewer open houses, buyers aren’t biting, and the housing supply is low. This year, however, market experts are expecting to see many more sellers enter the market, a reverse from the usual fall decline throughout the year.
Why this winter?
The COVID-19 pandemic created long-lasting effects for the real estate industry, along with everything else. In the spring of 2021, the usual rush of buyers flooded the market—and that’s what the industry predicted and expected to happen. However, with the shortage of houses stemming from construction and building delays in 2020, the supply was way lower than the demand, meaning that buyers will still be open to making offers on those houses that are available deep into winter.
And it seems as though, slowly but steadily, the housing supply issue might be righting itself. Rather than the 20% to 30% decline in the housing supply that has occurred since the beginning of the pandemic, the National Association of Realtors’ chief economist, Lawrence Yun, predicts that housing will only be down 10% this winter.
Homes will sell quickly
Buyers who are considering moving this winter might want to start looking sooner rather than later. Due to the low demand, homes have been selling quicker this year than they did in 2020. On average, they spent over a week less on the market than they did in 2020, and 21 days less than they did in 2019. That means buyers should be prepared to make a quick, decisive offer.
That can be difficult when prices are high, but the market shows signs of a possible price adjustment as fall and winter continue. Prices may not reach below what could have been expected last year, but they will be less expensive compared to earlier in 2021. However, mortgage rates are continuing to rise—though they are still lower than usual, they are estimated to reach 4% by the end of 2022. It might be best to buy now rather than wait until next spring.
Real estate agents can help!
Hiring a real estate agent could be a great option if you’re considering buying a home this winter. Real estate agents can give you resources and knowledge regarding the financial aspects of the housing market that you might not learn otherwise.
Let’s Talk about Taking the First Step!
If you’re thinking about buying a home, we encourage you to consider using us! Our team of expert agents have up-to-date, accurate information about the ins and outs of the Triangle real estate market, and we’re always happy to help buyers find the perfect home! Browse through our listings or check out some of the other tips and resources we provide buyers on our blog.