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December 3, 2007

How-to Monday: Timing the housing market

ManyForSaleSignsAPphoto.jpg 

Associated Press photo 

 

Housing slumps aside, home buying is usually brisk in the spring and early fall, slowish in the summer and really slow this time of year, as buyers set aside visions of settlement tables for sugar plums. So does it make sense to try to time the market if you've got something to sell?

Inquiring minds, and a reader who needs to unload a Locust Point house in the next six months, want to know. I turned to Dave Wright with Coldwell Banker Residential Brokerage in Annapolis, a Realtor since 1976.

His opinion: If you need to sell now -- or know you'll need to in the foreseeable future -- then put it on the market now. "It's the same as the stock market," he said. "You can't time it."

Though sellers often want to wait if Christmas is approaching, he said, "people truly looking this time of year -- November, December -- are people who have a need to buy. So you're generally dealing with a lot less curiosity seekers and tire-kickers."

Another consideration: The average home that sold in the Baltimore metro area in October was on the market 103 days, up from 70 a year ago, according to Metropolitan Regional Information Systems. (In 21230, the ZIP code that includes Locust Point, it was 137 days -- four-and-a-half months.) Should you have a deadline to sell, you're more likely to run into trouble the longer you wait to get your house on the market.

Coincidentally -- we don't coordinate these things, believe it or not -- Andrea Siegel has a story in yesterday's real estate section about people trying to sell during the holidays. You can find the article here

Pat Hiban of Keller Williams Select Realtors in Ellicott City will address next week's How-to issue -- what's a reasonable price in a slumping housing market? -- so as long as I had him on the phone, I asked him about timing. He basically agrees with Wright, with one exception: Once you hit the middle of December, he thinks you might as well wait until January to list your home.

If November and the beginning of December can be slow, those last few weeks of the year are glacial, he said.

Opinions? Arguments? Questions? I'm all ears.

Posted by Jamie Smith Hopkins at 4:00 AM | | Comments (2)
Categories: How-to Mondays, Q&A
        

Comments

I am a Realtor in the Ellicott City, Columbia area. I have listed properties on Christmas Eve, and had to show property on New Years Eve. The bottom line is, if the Home shows well, is priced right, and the sellers are willing to show the property during the Holiday's , then by all means, let's put our best foot forward, and sell the house as fast as you can. It only takes one Buyer, and if they are looking, and your not listed, they will not be Buying your House.

Hi Matt,
That's true. At the same time many sellers don't want people trucking thru the house with a tree taking up half the living room and candles and lights in all the windows. Plus they have guests over and don't want to get out on Christmas Eve to show a house.

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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