Believe it or not we've already entered the second half of the peak buying season. Check out this graph. Year in and year out the peak month for closings is the month of June.
Most of the offers for this June's closings have already been made, so if you need to sell, there is no time like the present to make sure your pricing and marketing are on the mark. Buyer traffic will subside as we make our way through the summer months. The buyers who end up shopping for homes in August and September will have more leverage than today's buyers. And the buyers shopping in the late Fall and early Winter will have more leverage than buyers at any other time of the year.
One wild card is the expiration of the $8,000 first time homebuyer tax credit on December 1st. What will happen to the market after the credit expires? It's hard to say. Housing demand could drop next year due to the number of first-timers buying into this year's tax credit. The economy could get better. It could get worse. On the other hand it's possible another housing stimulus package gets passed into law next year.
The one sure thing is the demand for housing is higher right now than it will be at any other time for the remainder of the year. If you need to sell, your best window of opportunity over the next 9 months is right now.
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
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