Is Summer the New Homebuying Season?
Move over spring. There’s a new homebuying season in town, and it’s just starting to ramp up. After months of waiting out the stay-at-home orders, buyers are back and cautiously wading out into the real estate waters, according to HousingWire. Before the pandemic, mortgage applications were up, and people were itching to lock a property down. Real estate experts say families still want to move in before school starts—in person or otherwise. They expect the second half of 2020 to be robust in the warmer months as more states move to reopen and the economy starts its comeback.
Spring has historically been dubbed “home-buying season,” but as the last few months have been shut down due to the COVID-19 pandemic, is summer the next best thing?
The beginning of 2020 saw the strongest time for mortgage purchase applications, and around late February into early March, homebuyers were getting antsy to purchase. It seemed like spring home-buying season was starting early.
Fast forward to the second half of March, and open houses got canceled with Realtors left unemployed because of the pandemic.
Many agents now think that the new home-buying season, for this year at least, is the summer. States are slowly opening up and restrictions on real estate practices have eased.