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What Does Philadelphia’s Real Estate Market Look Like this Winter???

Experts Predict that Winter Will Bring a Flurry of Activity to the Philly Housing Market!

During the past 6 months of this year, the housing market surged with activity. Now, real estate experts are looking ahead into the winter season and the forecast is anything but cold. As Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), notes:

“It will be one of the best winter sales years ever.”

The typical winter slowdown in the Philadelphia housing market is simply not on the radar. Here’s why…
While today’s mortgage rates remain historically low and are expected to remain low, they can’t be this low for much longer. This might be the last chance for homebuyers and homeowners to secure such low rates. In a recent article, Bankrate explained:

“If you’re looking to buy a home…expect mortgage rates to remain low into 2021. However, the possibility of rates falling to 2.5% or lower has gone away as our economy has improved.”

As long as interest rates remain low, we’ll see hopeful buyers on the hunt for their dream homes. Yun confirmed:

“The demand for home buying in remains super strong…And we’re still likely to end the year with more homes sold overall in 2020 than in 2019…With persistent low mortgage rates and some degree of a continuing jobs recovery, more contract signings are expected in the near future.”

The challenge, however, is the lack of homes available for sale in Philadelphia and throughout the country. With that in mind, all eyes are watching homeowners to see if they will sell this winter or wait until the spring market. Danielle Hale, Chief Economist for realtor.com, says it’s best for sellers to capitalize on this moment sooner rather than later:

“We currently see buyers sticking around in the housing market much later than we usually do this fall. 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.”

With Philly buyers ready to stay active this winter, sellers who want to close a deal on the best possible terms should not wait until the spring to put their properties on the market.

The Wrap-up…

Experts agree that the winter housing market in Philly could potentially be bigger than ever. Whether you’re ready to buy or sell, let’s connect today so you can home by for 2021!!!

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