Is the Spring Market Coming Early???

Punxsutawney Phil, the Seer of all Seers and Prognosticator of all Prognosticators saw his shadow on February 2nd. He says there will be six more weeks of winter. Mainstreet's January housing reports say maybe the spring housing market is coming earlier.

The average sales price for single family detached homes jumped 4.5% for closed sales in January 2010. That is the first increase since December 2007 with most of the months since then being in the negative percentile. Now may be the best time to jump into the buying and selling marketplace. The first time buyer credit is available until April 30, 2010 and the closing must take place by June 30, 2010.

Many communities showed significant gains in average home sales prices. This could mean that the move-up buyer is utilizing the other tax credit which is available. If you have lived in your current home 60 consecutive months out of the last 96 months, you are eligible for a $6500 tax credit also.

Now is the time to get that home on the market. It looks like March and April could be exactly like October and November 2009 when many first buyers were jumping into the marketplace trying to get a contract on a home before the deadline expired.

Punxsutawney Phil says there may or may not be 6 more weeks of winter. One thing we do know for certain, you have only 10 more weeks to use the buyer tax credits.  Hopefully, whether you are buying or selling, the spring market will work for you.