Fall is the new spring in real estate!

I’ve had a couple of inquiries from people wondering about putting their home on the market in the Fall. Typically that is something that is less desirable over listing your home in Spring. Due to the Stay at Home Order in Spring when all real estate activities were put on hold, which is usually the hottest time for real estate. We are now seeing an extended hot real estate market. Now and through Fall/Winter will continue to be great times to put your home on the market. With mortgage rates low it’s an equally great time to buy a home. Experts agree- see the article below:

Record-low mortgage rates, skyrocketing buyer demand, and shrinking inventory have pushed the housing market’s busy season forward through at least the end of the year.

Record-low mortgage interest rates, the increased need for more spacious, multifunctional homes during the coronavirus pandemic, and timelines that no longer necessarily revolve around the start of the school year have fueled homebuyer demand so much that fall is looking more like a new spring in the housing market this year.

“This spring was like no other,” Brian Rubenstein, senior director of mortgage at online lender Ally Home, told Inman in a phone interview. “The pandemic and the market dislocations were quite unprecedented.”

Due to the pandemic, the Federal Reserve has kept interest rates low in an effort to shore up a faltering economy, and rates for 30-year fixed-rate mortgages have been hovering around 3 percent. This week, National Association of Realtors Chief Economist Lawrence Yun declared that 2020’s housing market was outperforming 2019’s housing market and predicted that this year’s home sales would end up higher than the 5.34 million homes sold in 2019.

Rubenstein doesn’t expect rates to rise and that means that the market will likely see what he called an “extended spring cycle.”

Here is a great article about this unique year and how the real estate market will likely react in Fall and Winter:

https://www.inman.com/2020/09/08/fall-is-the-new-spring-in-real-estate/Source: Altos Research