Key Highlights
- Home-buying still in full swing this fall
- Home schooling due to COVID pandemic is extending home-buying season
Home-buying patterns have been just as upended by the COVID pandemic as everything else. Spring’s usually hottest of the hot home-buying seasons became summer’s hottest of the hot home buying seasons. And now, that hottest of the hot is extending into fall.
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With virtual home schooling being the norm in most of the country, Century 21’s agent Vesna Kanacki told HousingWire, “We’re still riding the wave with 2020. Kanacki’s market, like many others in this hybrid world, continues to be competitive, strangled with historically low housing inventory, pumped up with historically low interest rates and seemingly never-ending increasing home prices.
Kanacki added, “…if the pandemic surges up again, I think we’re just going to get busier and busier because we are definitely located in the correct position, outside of New York City, where parents can still commute to work and children can have space needed for homeschooling…”
The National Association of REALTORS® (NAR) reported that over the last four weeks ending September 20, contract signings were up +23% y/y and there were nine new pending contracts for every ten new listings.
Joel Kan, an economist with the Mortgage Bankers Association, said, “The strongest interest in home-buying observed this summer has carried over to the fall.”
Joshua Stern, a realtor with Keller Williams Salt Lake City’s The Stern Team, indicated that his market is on track to have the highest sales record in Utah ever in 2020. Stern said, “I think the next few months you’re gonna see a plateau and the reason why I think you’re gonna see it is just because of the lack of inventory.”
More of the same in Leavenworth Kansas with Lisa Rees, a realtor with Coldwell Banker Reilly and Sons. “I think people are wanting to get back to normal again and getting back into continuing their home search or getting their current home ready to sell. Believe it or not, the housing market has not been hit near as hard as you would think with all that has happened this year.”
Over and over again, realtors nation-wide have been telling HousingWire that “properties are coming off faster than they’re coming on.”
Thanks to HousingWire.
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