Pending existing home sales dipped more than 10% from January to February, but Zillow’s president says the market remains hot and could be even hotter in the near future. Harsh winter weather and ever-dropping housing inventory can be to blame for the recent drop in pending home sales. CNBC notes this change is likely a blip rather than a sustainable trend. Despite the drop, the market remains fiery hot and various indicators show Americans are more interested in moving. Improvements about the pandemic, thanks to the vaccine, are instilling confidence in more buyers, which could lead to more homes being listed.
“What we know is that moving is on a lot of people’s minds, and we’re imagining a lot of would-be movers are going to come off the sidelines here,” said the president of the online real estate marketplace.
More homes could be put up for sale as the Covid-19 vaccine drive continues to make progress and workers gain more certainty about whether their companies will require them to come back into the office, Daimler said. Google searches about the homebuying and selling process are also up, another sign that the market could hold shape, she added.
Despite a recent rise in mortgage rates, the market is also being met by high demand as the “great reshuffling” plays out, Daimler said. Beyond urban-to-suburban flight, many people are simply looking to move into new spaces rather than escape the big city, she said.