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Hot Housing Market Likely To Continue:
While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year. Lawrence Yun, chief economist of the National Association of REALTORS®, says “it will be one of the best winter sales years ever.” Many home buyers are looking to upsize their homes as they work from home and their children attend school at home. Also, as remote work remains an option for many and some employers make it a permanent situation for office workers, some house hunters are looking farther away from city limits in search of bigger homes and greater affordability. “We currently see buyers sticking around in the housing market much later than we usually do this fall,” says Danielle Hale, realtor.com®’s chief economist. “If that trend continues, we will see more buyers in the market this winter, too. So this winter is likely to be a good time to sell.” Inventories are way lower than in years past. The national housing inventory has shown some recent improvment, but it still has dropped 39% since last year, according to realtor.com®’s Monthly Housing Market Trends Report. Seventy-one percent of homes sold in September were on the market for less than a month, according to NAR data. Properties typically stayed on the market for just 21 days in September—an all-time low.