From Cold... to SOLD! By Angie Ungs
Every year, the housing market in the Corridor area experiences a major cool down during the winter months. From Thanksgiving through Spring Break there is a lull in activity, largely due to holiday festivities and the weather. After all, who really wants to trek through three feet of snow and brave sub zero temperatures to go house hunting? Well, as it turns out... serious and smart buyers do!
As soon as the first sign of spring appears, so do the SOLD signs. Homes that have been on the market for several months through the quiet winter market suddenly sport the big red S-O-L-D all at once. Over the course of the weekend I noticed five homes go sale pending along my regular driving route to school and daycare. Four of these homes have been listed all winter, and one was just on the market for three days.
March is a magical month in the Midwest for real estate. Home buyers start to come out of hibernation in February, which leads to an increase in the number of properties that go sale pending in March. Savvy sellers with good agents put homes on the market before the big thaw to take advantage of the serious shoppers and beat the flood of homes that will hit the market when the weather turns warm.
This spring will be particularly interesting as home buyers respond to the federal tax credit incentives which expire at the end of April. Current home owners who have lived in their home for five years are eligible for a $6,500 tax credit for the purchase of a new home. First time buyers receive $8,000 for qualifying purchases. Purchase contracts must be finalized by April 30, 2010, and the transaction must close by June 30, 2010, in order to qualify.
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