- According to new projections, 2020 is poised to be one of the best winter sales seasons on record.
- Despite the pandemic, we’re still likely to end the year with more homes sold overall in 2020 than in 2019.
- Mortgage rates are expected to stay low, while prices keep skyrocketing.
- Now is the time to connect with an agent if you want to prep for the busy real estate season.
Why This Winter Could Be 2020’s Biggest Real Estate Season Yet
Can you believe there are only a few weeks left in 2020? Traditionally, winter is considered the slowest time for real estate—but this hasn’t been a normal year. Real estate experts are now looking ahead to the winter season, and the forecast is anything but chilly.
If you’re on the fence about buying or selling, you may want to start planning your move right now. Here’s what you can expect from the market through the end of the year and into 2021.
Sales will surge throughout winter
According to the National Association of Realtors, this winter will be one of the best sales seasons on record. This unusual occurrence is likely due to the pandemic and financial crisis that plagued the first half of 2020.
Now that more buyers and sellers are deciding to list their homes, the market will rebound and eventually surpass pre-COVID levels. In fact, we’re likely to end the year with more homes sold overall in 2020 than in 2019.
Mortgage rates will stay low…but not for long
Wondering why buyer demand has surged in Pittsburgh and across the country? Historically low mortgage rates have helped many people—particularly first-timers—buy a home and cut down on their monthly payment. While rates are expected to stay below 3% for most of next year, they probably won’t get any lower than they are right now.
If you’re thinking about buying a home, now is the time to take advantage of today’s record-breaking rates and higher affordability. There’s still time to move into a new place before the holidays!
Rising prices and dwindling inventory will benefit sellers
If you’re a current homeowner, selling now could be the smartest financial decision you ever make. As more and more buyers enter the market, the available supply of homes just keeps going down. This, in turn, has caused prices to skyrocket by nearly 10% compared to 2019.
As buyers continue to stay active this winter, sellers who want to close a deal on the best possible terms shouldn’t wait until spring to put their properties on the market. And if you’re looking for a new home after you sell, you can also benefit from low mortgage rates.
Bottom Line: Now Is the Time to Move
Whether you’re thinking about buying or selling your home, you won’t want to miss out on this year’s unprecedented winter market. If you’re ready to get started, contact a local Pittsburgh agent to learn more about your options. They’ll be able to help you with every aspect of the transaction from start to finish!
Only Work with the Best
Ready to turn your real estate dreams into a reality? When you work with the Jim Dolanch Team, you’ll receive stellar service every step of the way. Contact us today with any questions you might have—we look forward to helping you buy or sell your home in the Pittsburgh area.