Spring is here... It’s obvious and we are so grateful to have avoided a harsh winter. The tulips, daffodils and trees are blooming and it makes us feel like there should be more that we are doing, and you are right.
The trees blooming is a sign of the time that people start thinking about moving. We catch ourselves looking at houses online just to “see what’s out there.” Realtors like the Aussie Team members start seeing increased traffic at our weekend open houses as people get ideas of what they need to do to get their houses ready and what their next home has as far as features they think they want and what areas they would upgrade into.
This a great start, BUT there are things that are typical of all Spring markets that your buyer's and seller's need to be aware of:
- This is the busiest time in Real Estate as an industry. Over 60% of all Real Estate transactions occur during March through August. That’s a lot of transactions in 5 months, (remember it takes 30-45 days to close on a house in Oklahoma on average).
- There is an influx of homes that list in the Spring, but there is a perfect time to list your home and it’s NOT in May (it’s almost too late to close by the time school starts). What this means to your buyer or seller is if you are wanting in or out of your home before the heat of the Oklahoma summer arrives you need to be looking in March and listing your homes for sale in March to close by late May or June (the average days on market in Tulsa MLS is 51, plus 45 days to close makes this a 90+ day process)
- There are 2 Spring/Summer Real Estate cycles that naturally occur during the March-August seasons. The first one starts in March and rolls through June, the second starts in July and rolls through August/September. There is a natural lull in the market that falls between May - June. This has a lot to do with what we are people are typically doing during that time of year. Real Estate is contending with holidays, end of the school year, Graduations, Wedding season and often times crazy and sometimes dangerous weather, floods, tornadoes and non stop rain or worse fires and drought.
- Be prepared and start early. If buying, get in touch with our Lender Team - Cityscape Home Mortgage and get your financing squared away. It is the first step and you have to have it to buy a house no matter what (its part of the contract)
- Have your own representation. We are lucky here in the US that buyer’s and seller’s can have their own representation during their Real Estate transaction. You deserve the best when investing in what will often be the biggest asset you may own. Work with a professional with a proven success record, negotiating skills and knowledge of the market and the industry (Check out our Zillow Reviews) and let the Aussie Team consult you on what to expect on the buying and selling side so your transaction is as stress free as possible.
- Know your timeline and be prepared to wait if you or your family are not ready yet. You can not rush getting pre-qualified if there are issues to overcome on your credit, if you are stuck in a lease, or if there are other determining factors. A true professional will understand because it not about the transaction it is about the relationship.
All of that being said, great houses sell fast and right now there has never been a better time to buy. Stay tuned for our next blog on why people move and what buyer’s and seller’s expect from us, their Real Estate professionals.