Running out of time. The competition is heating up. It is getting too late to list your house for this selling season.
Time to get moving.
This week our brokerage sold and put under contract a number of properties. It was very frustrating to see a number of properties ‘get away’ from buyers. We have a number of people who are ‘just getting ready’ to put their house on the market for the spring. They are also looking at property to purchase and ready to start making offers.
In this market you have to be prepared. That means you have to get your financing lined up with a preapproval if you are financing the purchase. If you have to sell your home to buy your new one, you need to get it on the market ASAP. Buyers are moving up into larger properties and they are moving into smaller properties or downsizing. Whichever the case, it is important to note that sellers don’t want to tie up their property with a buyer who has a ‘property sale’ contingency. Most sellers will accept the offer and continue to market their home, hoping for a cash buyer, or for a buyer who may already have their home under contract.
Buyer/Sellers in this situation could be faced with a predicament – unable to get the house they have their hearts set on.
The Cambria Somerset Association of Realtors reported last month that the sales which ended in January 2012 had an average days on market (DOM) of 125. Other markets vary, but count on at least a few 2-3 months of having your house on the market.
Photo credit cuckoo clocks by abac077 on flickr