• Sun. Dec 3rd, 2023

    Fall and Winter Real Estate Market: Buyers Attracted Year-Round Amidst COVID-19

    ByJames Forsyth

    Nov 20, 2023
    Fall and Winter Real Estate Market: Buyers Attracted Year-Round Amidst COVID-19

    The fall and winter seasons have traditionally been slower for the real estate market. However, recent market dynamics indicate a shift in this trend as sellers are now attracting buyers year-round, according to a recent report by Opendoor. The COVID-19 pandemic has played a significant role in altering buyer behavior and increasing demand during the typically slower months.

    Data from 2017 to 2022 shows a significant increase in buyer interest during the fall and winter seasons compared to the pre-pandemic years. Previously, demand for homes would decrease by up to 34% during these seasons, but this trend has reversed since the pandemic. In 2020, interest in homes for sale jumped 12% from summer to fall, fueled by pent-up demand resulting from the pandemic. This trend has continued in 2021 and 2022, indicating a sustained shift in buyer behavior.

    To effectively sell to these “anytime buyers,” sellers need to employ specific techniques. The report reveals that around 14% of homes listed in the fall and winter are taken off the market due to lack of buyers. However, homes listed 10% above market price have an increased likelihood of being delisted at around 24%. This highlights the importance of pricing homes correctly to maximize the chances of a successful sale.

    Real estate professionals recommend focusing on three key aspects when selling a home: pricing correctly, enhancing the in-person and online presentations of the property. By ensuring each aspect is executed effectively, sellers increase the likelihood of attracting buyers and successfully selling their homes.

    Frequently Asked Questions:
    Q: How has COVID-19 affected buyer behavior in the real estate market?
    A: COVID-19 has led to an increase in buyer demand during the traditionally slower fall and winter seasons.

    Q: What is the key factor in attracting buyers in the real estate market?
    A: Pricing homes correctly is crucial for attracting buyers and increasing the chances of a successful sale.

    Q: What are the recommendations for sellers in the fall and winter seasons?
    A: Sellers should focus on pricing correctly, enhancing in-person and online presentations, and ensuring the property is marketable to potential buyers in other cities.

    Q: How can buyers find the best mortgage rate in the current market?
    A: Shopping around and comparing options from different lenders, such as using the Credible marketplace, can help buyers find the best deal without affecting their credit score.

    (Source: Opendoor report)