A Cyclical Business
In the real estate market there are two different kinds of cycles where we see a slow down in the market, seasonal and economic. Seasonal cycles happen around the same time every year- July when people are vacationing and December due to the holiday season. These vary depending on the price range of properties. After the first of the year first time buyers start looking because their leases generally end in early Spring and they want to become homeowners. But, contrary to public opinion the mid-winter months are still a good time to put your house up for sale.
The cyclical economic slow-down is based on consumer confidence. As of now people are wary of making any large purchases. And, Rochester is also now facing the tightening of the credit market. Many people who once qualified for a mortgage are finding themselves deadlocked and unable to purchase a property. We have not seen a real estate market similar to this since the early 90’s prior to the first war in Iraq. But, even then the market bounced back fairly quickly. It seems as though this economic slow down in the real estate market may take a longer period of time to work itself out.
If you have to sell there are two key elements to try and maximize your sale price and ability to get a purchase contract: 1. Price according to the market; remember buyers determine the value of a property and 2. It is worth taking the extra time and a few dollars to spruce up your home. Buyers are very picky because they can be. If they don’t like one thing about your home, they can move onto the very large selection of other properties for sale.
At Walther Realtors we have seen the various cycles of real estate over our 37 years of business. We know how to handle buying and selling properties during a fickle real estate market. Call or e-mail today. 585-266-5941 or firstname.lastname@example.org