Everything seems like “If” these days, but if we had a market comeback, the dates of a modified and compressed selling season would be fairly predictable, looking at it logically.
The actual results will be a matter of compression and intensity.
If there isn’t much of a market rebound, then we might only have a couple of hot weeks in July, and a lot of standing around, relatively. If things get cooking, then we could have a solid 4-6 weeks before school starts (in red above) when the most sales will be made.
The dates in green is when buyers will be looking hard – and might be when the best deals are made.
Two to four weeks in October will be a lost cause, due to the election. In December, buyers and sellers will both pack it in early for the holidays, and prepare to GET ‘ER DONE IN ’21!
Next year’s selling season is 11-12 months away – we gotta be ok by then, right?
Then all we have to do is get through 2020!
If you have a $800k-$1600k house and a 3.x% mortgage there’s nothing out there to move to.
Have we found something that price can’t fix?
So far there’s no rush to sell. That may be about the only good news for a nervous market that’s obviously spooked by unfathomable business shutdowns and massive layoffs.
“It is clear that many would-be home sellers are adopting a wait-and-see approach as uncertainty continues to rule, ” said Zillow economist Skylar Olsen in comments that came with the report. “Our understanding of U.S. economic conditions is changing weekly, if not daily, and early unemployment figures are striking, so it’s understandable that some are hesitant to put their home on the market.”
Olsen isn’t as worried. Like many real estate insiders, he thinks fewer listings are more a virus-related delay.
“It is possible that this year’s busy home shopping season is pushed into winter as some opt to hang back but activity continues from those who need to buy or sell for a job move or another major life event,” he added. “What’s not likely is that the bulk of potential home sellers and buyers simply throw up their hands and pull back from the market entirely.”