Real Estate Market: Is it the Right Time to Make Deals?

Sept. 8, 2009 - PRLog -- NY, 09/07/06 - Steve Dickenson, from Houston, is convinced that it is the right time now to put his home out for sale. Steve is a serial renovator. He bought his two-bedroom house in the city in April 2007 for $145,000 and has completely renovated it. After performing a thorough research on the prices in that locality, he decided last week to sell his property for $285,000.

“I am trying to play a smart game,” says Steve. “I interacted with few local estate agents and in their view the market’s still odd. There are signs pointing towards improvements, but  the locality I am in, there isn’t a lot of stock around — and that’s the reason why I think this might be a good time to sell it, before the market picks up. If I wait until then, with a lot more offering in the market, I think I will have to face stiff competition from other people looking to sell their properties, so it would be harder to find a buyer.”

Is Steve right? The stocks all across the country are at an all-time low. Comparing this with last year, the number of properties available is down by 32%. In the same period, there has been a uniform increase in the number of buyers registering their interest with estate agents by up to a third all across the country.

The green shoots shown by some of the latest surveys will turn out to be short-lived, says an analyst. “Lack of supply for the past few months, together with an increase in the number of potential buyers, has lead to an increase in prices” says Bryan McConnahea, director of research at the property-market analysis firm. “A flood of new properties onto the market — in what is traditionally the beginning of the autumn/winter selling season — may actually drive down prices.”
Once the deal is done all that needs to be done is finalizing it. These
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