Cold winter weather combined with holiday distractions typically makes this the slowest time of the year for the housing market. However, current market conditions point to this winter's "slow" season being super hot!
Our REALTORS® have been busy helping buyers who are anxious to find the perfect Nassau County homes for sale while interest rates are low. Other factors, like pent-up demand and low inventory, have made this a great time to put your home on the market. Here's a closer look at the reasons why this holiday season may be the best time to list your home.
- Low Housing Inventory
In September of 2020, the total inventory of homes hit a record low of just 2.7 months of supply. At the same time, sales of existing homes were up 9.4%. Projections show that if sales continue at this rate, there's a possibility we could actually run out of homes for sale.
While this might not be great news for buyers, it makes now a very attractive time to put your home on the market.
- Pent-Up Demand
Spring is usually the best time to list your home since that's when buyer demand spikes. However, in 2020, spring marked the beginning of pandemic lock-downs that caused the real estate market to grind to a halt. Now that things are starting to open back up, buyers are eager to jump back into their home search.
- A Need to Upsize
The COVID-19 pandemic has changed a lot about the way we live. Many people are working and schooling at home. Almost everyone is spending more of their free time at home as well. This has resulted in a large group of buyers who are fed up with their current spaces and ready to make a move.
Each day, we talk to buyers who are looking for Suffolk County homes for sale with features like large back yards and extra space for a home office.
- Low Interest Rates
Mortgage interest rates also recently hit the 12th record low of the year. This puts them at the lowest they've been in over 50 years! Many buyers who realize they can save tens of thousands of dollars over the lifetime of their mortgage by buying now are out on the prowl for a suitable home.
- Bidding Wars
All of these factors have combined to create the best seller's market we've experienced in quite some time. Not only are many sellers getting top dollar for their homes, but bidding wars sometimes result in offers climbing well above the asking price. In fact, according to Realtor.com, in September of 2020, the median home price was up 11.1% compared to the previous year. The price per square foot was also up by 13.9% year-over-year.
- Delayed Economic Consequences
It's possible that the effects of the COVID-19 pandemic will cause a sharp decline in the economy. However, it's unlikely that this will impact the real estate market at least for a few months. If you've been thinking about selling, doing it now before more uncertainty strikes again could be your best bet.
If a home sale is on your holiday wish list, Coach Realtors can help! Contact us today to schedule an appointment.