This Winter Is An Excellent Time To Sell Your Home

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Real Estate

SHOULD YOU SELL YOUR HOME THIS WINTER 2020-21?

Continuing with the theme of 2020, real estate has been beating to it's own drum not following previous years' hot and slow market seasons.

This winter's market is projected to be unlike any past years. Economists and real estate projectors are saying now and through the winter is an excellent time to sell a home.

 

Lawrence Yun, chief economist at the National Association of Realtors, predicts “It will be one of the best winter sales years ever.”


The pandemic has forced people to be home more. Our homes are now wearing many hats: Work, school, gym, entertainment, plus all the traditional uses. This has changed what people want and need in a home. This brings us to a large buyer pool searching for their 'Covid Castles'.

Take this demand, add in low mortgage interest rates and a low housing inventory, and we have an expected hot winter market!

Here's what creates this perfect storm:

 

• 2020 lockdowns caused a late start for the spring market that has created pent-up buyer demand.


• With so many households seeing their family members hunkering down into the family home, families are feeling the 'bulging house'. This has created a new buyer pool seeking to upsize their homes that would not have normally been here. These buyers added into the pool with the traditional winter buyers downsizing or relocating, we have an incredible buyer demand.


• Homes fitting the buyer pool demand are selling quickly and for top dollar thanks to a low inventory of houses. Supply and demand in full force here.


• Mortgage interest rates are historically low, under 3%!  Yun told Realtor.com, “In fact, despite double-digit increases in home prices this year compared to last year, today's home buyers are likely actually paying slightly less on their mortgage each month, thanks to much lower mortgage rates.”


• According to Realtor.com, while we may see increases in unemployment due to the effects of Covid-19, any economic shift likely wouldn’t be felt until spring 2021.

 

Be sure to watch "The Skinny" below, to learn more about our Minnesota market updates and projections: 

  

 

CALL TONIA KURTH TODAY 

TO DISCUSS YOUR OWN HOUSING SITUATION AND GOALS!

612-481-1730

TONIA.KURTH@CBREALTY.COM