Realty Updates – Selling During the Holidays

“Year after year home buyers do look for homes during the holidays. Buyers who look during that time tend to be more serious because the casual lookers tend to delay until after the holidays. Especially this year with the consistently low inventory levels, buyers will be out looking more than ever this holiday season.”

Anthony Lamacchia, CEO Lamacchia Realty

“The suburbs are going to change,” says McMahon. “You’re going to see more parks and green space in the suburbs, because people are more interested in running and health-inducing activities. … You’re going to see a lot more housing choices.”

Ed McMahon, Senior Fellow at the Urban Land Institute 

“A lot of people are going fully remote,” says Bernstein, describing their mindset as “if I can live anywhere, I can get a new-construction house for a quarter of what I’m paying—and I can get a better tax situation.”

Alison Bernstein, Founder and President of the Suburban Jungle

 

“Between the presidential election and a new wave of coronavirus cases, buyers and sellers had a lot of reasons to pause last week. The big question is whether both buyers and sellers will jump back into the market after last week’s break. With mortgage rates expected to rise on news of a likely vaccine, buyers may have reason to jump back in and find a home sooner rather than later, but sellers may be more inclined to stay on hold. Thus, even as overall activity slows, we may very well see continued price growth and quick sales.”

Danielle Hale, Chief Economist of realtor.com  

“The coronavirus without a doubt led home buyers to reassess their housing situations and even reconsider home sizes and destinations. Buyers sought housing with more rooms, more square footage and more yard space, as they may have desired a home office or home gym,” she added. “They also shopped for larger homes because extra space would allow households to better accommodate older adult relatives or young adults that are now living within the residence.” 

Jessica Lautz, NAR Vice President of Demographics and Behavioral Insights 

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season. I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

Lawrence Yun, NAR chief economist

“The big trend right now is people are moving to the suburbs to get more space, although another set of buyers swapping out their condos for single-family homes. Overall, buyers are looking for a real office, sometimes two dedicated offices, so their worlds are not colliding. If they have kids, they also need space for them to do their schoolwork, play and go outside.”

Michael Giliano, Compass Agent

“As we navigate the unprecedented impact of COVID-19, ‘home’ has taken on added significance and there are signs that homeownership remains one of the main tenants of the American Dream.” 

Mark Fleming, First American Chief Economist