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Winter Home Sales May See Increase

Winter Home Sales May See Increase

Just like many industries, the real estate market tends to have some seasonal peaks in activity. Car sales usually spike during the second quarter of the year while toy sales are up during the fourth quarter. Real estate is similar where regardless of your location, spring is almost always busier for the number of home sales than any other time of year. 
 
Similar to other industries, last year was different in terms of following usual patterns. The pandemic had hit hardest during the spring which caused an interruption in momentum. Home sales were moved to later in the year making for a busier fall than seen in previous years. 
 

Winter Forecast

Some experts have been speculating that we would return to some normal and typical conditions this winter with the number of active buyers and inventory levels diminishing. However, recent studies are suggesting this may not happen. Buyer demand continues to remain strong while we may see an uptick in homes being listed for sale on the market. 
 
According to a report from ShowingTime, which tracks monthly showings of homes that are for sale, has indicated that buyer activity was lower this September over September of 2020 yet much higher than that of September of 2017, 2018, and 2019. Meanwhile, another report from Realtor.com confirms strong buying activity. 
 
“New housing data shows 2021’s feverish home sales pace broke a yearly record in October, . . . with last month marking the eighth straight month of buyers snatching up homes more quickly than the fastest pace in previous years. . . .”
 
The only thing in question, as we approach winter, is if inventory levels will rise enough to start supporting buyer demand. The good news is that data shared from Realtor.com is showing that sellers may be gearing up to list. The Manager of Economic Research at Realtor.com states: 
 
“The pandemic has delayed plans for many Americans, and homeowners looking to move on to the next stage of life are no exception. Recent survey data suggests the majority of prospective sellers are actively preparing to enter the market this winter."
 
Compelling data in the report includes that 93% have already begun taking steps towards listing their homes, 36% have researched their own home’s value and 36% have started to declutter. Other noteworthy facts include 37% of sellers wanting to move as their home no longer fits their needs with 23% in search of a home office. 
 
Ultimately the data shows continued strong buyer demand coupled with research suggesting supply could soon show an increase. We may see a busier winter real estate market than what we normally experience.

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