Has the market turned around? Shall I list now or wait until Spring?
Real Estate is local. We must be wary not to apply national figures to our local market. They are frequently conflicting. The national median price increase is reported anywhere between 1.2% and 3.8%. Though we are locally following the national trend, our increase in home prices is 1.8% for 3rd Quarter 2012 over 3rd Quarter 2011. However, we are still running 27% below the all- time high in 2006… a number that we will not see again for many years.
“Turned Around?” Let’s be honest. The wreckage is too extensive to be “turned around” by Spring. That said, the upward trend is unmistakable as the turn-around indeed is real, tangible and a process, not an event. It is likely that, by Spring, the environment will be a bit better, but not that much better to delay something you and your family need to do.
Spring traditionally is the best time to sell a home merely because more people are out looking. This doesn’t necessarily translate into higher prices. Fewer people are out shopping during the winter, but those that do are serious and ready. In the winter, there are fewer homes to choose from. Spring delivers an abundance of choices and greater competition.
Should you list now or wait? If it is time to go, list it now. If Spring suits you better, list in mid-February and get a jump on the market.
Above all, select a veteran agent who has the pulse of your market and uses state-of-the-art marketing techniques to expedite success.