How Long Will Spring Housing Market Boom Last This Year
Q: As a realtor, I look forward to the spring which is usually the strongest home buying season of the year. With Covid, do you think spring buying will be strong in 2021 like in most years? Gladys, Basking Ridge, NJ
A: Great question, Gladys. The reason that Spring is traditionally the strongest home buying season of the year is because it normally takes a few months to close on a property after a purchase offer has been accepted and home buyers with kids ideally want to be in their new homes before the start of the fall school year. The pandemic has disrupted both work schedules and school schedules and likely has also disrupted the predictable seasonality of home buying. Until we get closer to herd immunity, I don’t anticipate a return to the predictable seasonal home buying surges we’ve seen in the past. However, as more people in our country get vaccinated and we get closer to herd immunity, the economy will likely grow as more jobs are created. In addition, as more previously skittish owners feel comfortable putting their homes for sale on the market, I anticipate more housing inventory coming onto the market and as a result I think the typical Spring housing market boom will continue much longer beyond the end of Spring this year. Thanks for your question, Gladys. Good luck.
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