What to Expect from the Real Estate Market in 2020
The holidays are a time when you want to feel settled in your home. The last two months of the year are usually considered a bad time to list a property. And, fewer properties come to market during the holiday season. But, as with everything else in this new pandemic landscape, Home for the Holidays in 2020 will be different.
Despite commonly held perceptions, the holidays can be the best time to buy or sell. At a time of year when people generally become less active, leaving your home listed is a surefire way to make it stand out and to reinforce that you’re serious about selling. On the buyer side, it used to be that some took a break from home searches during the holidays to travel or to recharge before the new year. But, the pandemic has changed all that and most folks are opting to stay home….with emphasis on the word HOME. Now more than ever, the idea of home–and in particular of owning a home–is at an all-time high.
The real estate market shows every indication of remaining at an all-time high as we move through the holiday season and into the new year. The Holiday Season was once considered a low-activity period in residential real estate. Now, low-interest rates and pent-up demand, combined with a refocus on home as a refuge, has fueled activity well into the winter months.
Regardless of where you live, the need for more generously sized dwellings is commanding buyer interest as demand grows for what’s aptly named “the destination home.” As the new realities of working from home, learning from home, and recreating from home come into focus, buyers are reevaluating how much space they need. Even after the COVID-19 is contained, there will still be many who continue to work from home. As such, the Home is now viewed as a one-stop-shop for work, outdoor activities, social gatherings, and privacy. A place where family and friends can safely gather, rather than going out.
All indicators point to the market remaining busy throughout the holidays and well into 2021. Being home for the holidays as we close out 2020 will forever be known as a historic and unprecedented year.
On that note, we here at Chawla Real Estate wish you your loved ones a happy, healthy Holiday Season. As always, we would love to hear from you so don’t hesitate to get in touch.