Steve Feiss, an interest rate strategist at Government Perspectives, points us to an article in his local New Jersey newspaper discussing the boon this year’s harsh winter weather has been for sellers in the housing market.
“The American dream is back; it really is,” said Andrew Zastko, a local realtor, in an interview with the News Transcript.
The upshot of the article is that unseasonally harsh winter weather has caused a big drop in listings of homes for sale. That leaves less choices for motivated buyers, meaning the smaller group of sellers is seeing increased demand for the houses remaining on the market, allowing them to get offers closer to their asking price.
Zastko told the News Transcript that the “millennial” generation accounts for a large share of emerging buyers in the market.
So, while winter weather may be contributing to a big slowdown in housing market activity, that doesn’t mean every party involved is suffering as a result.