Desty Lorino is a real estate agent with over 20 years as a licensed professional. Desty is with the Coldwell Banker Residential Brokerage’s North Shore office, located in Glendale.Today, he answers a question that seems to be on everyone’s mind lately: How’s the real estate market?
Just the other day I was outside shoveling with one of my neighbors and he asked me, “So Desty, how is the housing market doing?” Interesting question!
In answering that, an old cell phone commercial came to mind, where an actress portraying a realtor was switching back and forth between calls on hold. She was telling one caller “It’s a seller’s market,” and on another call she was saying “It’s a buyer’s market! Every closet is a walk-in closet if you try hard enough!”
So the answer: The market is great for someone who just sold their home, or for someone who just found a great home at a fair price. For someone whose home has been on the market for months with little activity, it’s not so great. And this time of year, we have a traditional downturn due to one thing and one thing alone — the weather.
Just like we discussed before about scheduling an open house, the weather has a huge impact on people’s interest in buying a home. Our traditional slowdown usually runs from Thanksgiving until late February, when conditions are less likely for a blizzard or ice storm to de-rail a move. Likewise, mid-summer, which is a great time to physically move, also sees a slowdown with festivals, vacations and other goings-on.
So right now, at the end of January 2011, is the market good for you to buy or sell a home? Yes… specifically if you fit into one of the following categories:
So, to sum it all up, how’s the real estate market? It’s moving in the right direction, with seasonal changes and an improving economy putting some wind into its sails. That is, as long as you continue to have realistic expectations.
Just don’t expect “every closet to be a walk-in closet,” and you’ll be just fine.
Have questions about home ownership? Contact Desty at Desty@realtor.com or ask in the comments section.