With winter approaching sellers might be wonder how hard it might be to find a buyer, however it is looking like this winter will be a great time to list your home.
“Compared to other past winter seasons, this winter season’s sales activity will be stronger,” says Lawrence Yun, chief economist at the National Association of Realtors®. “This winter, there will be more sales compared to pre-pandemic winters going back all the way to 2006.” Plus the overwhelming demand for housing is still going strong today.
So what makes 2021 so special? For one, consider that, from March all the way into October, “homes were selling faster than the fastest-selling months in any previous year,” according to Danielle Hale, chief economist of Realtor.com®. It looks like demand won’t just suddenly dry up once the temperature drops below freezing, or even once the holidays kick into high gear.
Due to this high demand and limited inventory, “Winter is likely to be a better time to sell than winter typically is,” says Kelly Mangold, principal at RCLCO Real Estate Consulting. “Many sellers should not feel the need to wait until spring, especially in high-demand areas.”
So if you’ve all but written off the idea of selling your home until spring ’22, think again! It is important to note that the all-time-low interest rates of the past 20-plus months are now looking to rise. As of Nov. 10, interest rates were 2.98% for a 30-year fixed-rate loan, according to Freddie Mac, but these rates may be going up. The Mortgage Bankers Association estimates that rates will rise to 3.1% by the end of 2021 and 4% by the end of 2022. These increasing interest rates could discourage buyers from being as bullish going forward in the spring and summer months.
“Sellers should be aware that higher mortgage rates mean reduced purchasing power for buyers and may eat into potential buyers’ ability to offer top dollar,” Hale explains.
Sellers should take advantage of the market conditions, and list their house now instead of waiting until spring. Contact a #1 Properties agent at 307-634-2222 to help with all of your real estate needs, or go to cheyennehomes.com for more information.