New Castle Housing Market: Wintertime Bonanza

The winter housing market is not historically the best time of year for sellers. However, 2020 is anything but ordinary. Indications are overflowing that the housing market will be moving at a furious pace over the winter. The reasons for this are numerous. People have been fleeing states like California at a record pace, increasing demand for housing nationwide. Plus, who could forget about the incredible interest rates available right now?

The Furious Pace of the Winter Housing Market

The housing market experienced a decrease in activity during the first half of the year. This was largely due to the national lockdown implemented in response to the coronavirus. However, since the economy reopened, activity in the housing market has skyrocketed. Market analysts suspect this year could be the best winter for the housing market in history.

A Seller’s Delight

The furious pace of activity in the housing market this winter will create a dream scenario for sellers. Typically, we do not recommend listing your home in the wintertime. However, it might be the best time of year now due to a variety of unique circumstances.

Limited Supply:
Currently, there is a supply crunch in the housing market. Many people have chosen to delay selling their homes. This has made it more difficult for buyers to find deals worth their time. On the other hand, it has made selling your home more attractive than ever. Thanks to the law of supply and demand, your home’s value is likely higher because of the supply crunch. Who doesn’t want to make the most they can when they sell their property?

Historically Low Interest Rates:
The Federal Reserve lowered interest rates all the way down to 0% this year. As a result, affording a home is easier than ever for buyers. Plus, there are benefits for sellers as well. The lower interest rates Gare, the greater the inflationary pressure on the value of your home.

What to Expect From This Year’s New Castle Housing Market

This year has been tumultuous in all sectors of the economy. It seems as if we are out of the woods now, though. If you are considering selling your home in the near future, it would be best to take advantage of this year’s unique circumstances. It is not every year that interest rates dropped to historical lows. In addition, the housing crunch should make finding interested buyers even easier.