What if we told you we were coming up on the sweet spot for buying and selling in real estate? Would you believe us? Real estate has a long tradition of being a seasonal market, especially in Northeastern Pennsylvania where we undergo four seasons. Alright, perhaps we only have three – late summer, long winter and rainy spring! Nevertheless, if and when spring sets in, motivated sellers have their sights set on unloading their home for top dollar. Over the past few years, there’s been a slight shift in the data in how consumers have responded. And of course, COVID-19 has severely affected traditional real estate trends in our Greater Scranton market.
The trends over the past nine months show some of those glaring differences:
* Greater Scranton Board of REALTORS® statistics
The sold listings from this past May, June, September and October clearly point to disruptions the pandemic has imposed on real estate in Northeastern Pennsylvania all while housing inventory continues to fall. Regardless, if we’re trending back to some sense of normalcy in real estate, Thanksgiving time might be the sweet spot for buying or selling real estate.
If you’re seriously considering purchasing a home, November and December certainly can make their case as to why you should make a move into their corner. Generally, autumn has been an excellent time to buy a property. In fact, according to real estate information company Attom Data Solutions, some of the best days to buy are November 9, December 4, 7, 26 and 29. Boxing Day, December 26, a monster shopping day on the calendar, is actually the single best day to purchase a home!
As we approach the heart of winter, buyers notice some of the lowest prices of the year. In fact, low mortgage rates continue to provide many with the opportunity to purchase, while having more buying power. Though experts believe the rates will stay low for the start of 2021, a change in leadership, bond prices and the state of the economy could certainly change that.
Believe it or not, November and December likewise present a good situation for some who are looking at selling. At the end of the year, buyers typically have less choice and homeowners seeking to sell may take advantage of these circumstances. The fact of the matter is this: There’s generally less competition for sellers, whereas there’s more motivation and perhaps the lure of year-end tax benefits for buyers. If buyers are seriously considering homeownership, this creates ideal conditions for sellers, who are typically competing with lower inventory by year’s end. Today, in the Greater Scranton area, our housing inventory is incredibly low! Furthermore in recent years, more homebuyers are less fixated on “summer buying” as well as school schedules (some don’t even have children) and if they have time constraints, their motivation can play right into the hands of sellers.
Depending on your specific situation right now, this time of the year might be the sweet spot for buyers and sellers alike. Yes, you’ll find highly motivated sellers in the market, but there won’t be a shortage of motivated buyers either. Given the right mix, it might be perfect timing to buy and sell!