Timing is crucial: Both buyers and sellers need to act now!
by: Jeff Quintin, on March 25, 2014 - Home Buyer Tips Home Seller Tips
With the spring season in full bloom, the imminent surge of both inventory and demand will continue to intensify, as the vast majority of market activity revolves around the fast-approaching “memorial day season”.
As I explained in my last post, most buyers and sellers naturally gravitate towards the specific time-frame of March-May, mainly due to the lull in external distractions (holidays, undesirable weather, and work/school demands). Without the lifestyle constraints experienced during other parts of the year, such a period of time is essential for buyers, as they are afforded both an expansive inventory, and a legitimate amount of time to close a deal before the advent of Memorial Day. With this being said, sellers should already know the importance of getting a property sold by Memorial Day, as it allows them to maximize the sale value of their property.
However, many sellers either are unaware, or tend to overlook another crucial caveat of the home-selling process: After going under contract, buyers take an additional 30-60 days to actually close the property. This means that the remaining span of time between now and Memorial Day must be partitioned into two separate phases. The first phase consists of getting a contractual agreement with a buyer, while the second phase centers around getting the buyer to close on the property. If we allot 45 days as the median amount of time for buyers to close, the remaining amount of time is for sellers to actually sell their property and still get top dollar for the sale value.
Because Memorial Day is so quickly approaching, I cannot stress enough the urgency of this message for sellers. With a subsequent 45 days set aside after the initial sale of the property, the amount of time left for sellers to get a buyer under contract is a swiftly closing gap.
Obviously sales will continue to occur after Memorial Day, but the quality of surrounding inventory will be significantly less in value, followed by a diminished level of demand. Therefore, I must reiterate again that TIME IS OF THE ESSENCE. If you are a seller who desires top dollar for their property (who doesn’t), then you will heed this message and take every proactive measure possible to get your property sold as fast as you can!
If you are a prospective buyer, this time-frame is equally crucial for you as well. With inventory being as extensive as it is, the corresponding competition for such a vast array of different properties is nowhere near as extreme and cutthroat as it will be in the summer season.
I can only put so much emphasis on the current state of market conditions in words on my blog. Regardless of whether you are a buyer or seller, please watch my video and do not hesitate to contact me about any questions as I will be more than happy to accommodate you in the best way I can.