PARAMOUNT MORTGAGE - LENDER'S BLOG

May 22nd, 2009 9:43 AM
It's Real Estate Season - Or is it?

Reported by Steve McLinden, Bankrate.com

Editor Steve McLinden's recent online story at Bankrate.com reports about one of the most important traditions of the year for the real estate market; the Home Selling Season. "It's a rite of spring and early summer in our transient society," stated McLinden. From coast to coast, for-sale signs crop up like wildflowers on the lawns of subdivisions. Moving sales proliferate. Moms and dads box up their possessions and ponder what awaits them on a new block or in a new town. Kids finish out semesters. Moving to a new home is an exciting proposition.

It's a time when real estate salespeople get lightheaded from make-hay fever, as buyers and sellers come out in full bloom.

But is it always the best time to buy or sell a house?

That's a definite maybe, say experts. Like most buy-sell situations, it all depends on motivations. Indeed, April through July outpace the balance of the year in sales, historic data at the National Association of Realtors indicates. So there will surely be more home inventory and variety then. But you better move fast, because that's just what other home hunters are doing.

Here's a few tips that the experts say you should consider in preparation for this peak selling season.

Be a contrarian. True, there's a greater choice of homes in the early spring, but sellers then can better hold to their asking prices because of demand. "If you can stand to be a contrarian, it could pay to wait," says Jack Harris of the Texas A&M University Real Estate Center. "Most people don't do that, though. They just get carried along with the crowd."
 
Late Summer Leverage: Sometimes, late summer opens a small window of leverage for buyers dealing with sellers of slow-moving family homes.
 
The sooner, the better: While deed transfers do peak between May and August, most of those sales were actually arranged from one to three months earlier. Getting your home on the market sooner is better than later. It takes time to close home transactions.
 
Holding out: Your wait could be a long one. A home priced unreasonably high can be hard to sell in any season, particularly in a buyer's market. Industry stats show homes with price tags 5 percent above market value have a 10 times greater chance of selling than those priced 15 percent above market.
 
Opportunism: While it may sound ghoulish, layoff announcements or a planned corporate headquarters move in some markets can soon result in more homes on the market. Motivated sellers may put downward pressure on prices in the short term. Proceed with sensitivity.
 
Link: The Season
Posted by Customer Service on May 22nd, 2009 9:43 AMPost a Comment (0)
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