NEW YORK (MainStreet) — House-hunting season may be approaching its official Labor Day end, but sellers shouldn’t be so quick to pull their home off the market, say housing experts.
According to Ken Shuman, spokesman for online real estate search engine Trulia.com, you still have about a month and half where chances are good that you will find a buyer.
“In a traditional market, if a home hasn’t sold by August, we tell people to take it off the market,” Shuman says. “However, for this selling season, we are recommending [homeowners] keep the property on the market from September to mid-October.”
Shuman says it's because this year Trulia is seeing a low inventory of competitive properties on the market.
“People are only selling their homes if they really have to,” he says, adding that buyers have also become much pickier since the housing crisis turned it into a buyer’s market. ”There’s not a good selection of homes.”
“There will be a new crop of buyers out there now,” says JoAnn Roberts, a real estate agent with Coldwell Banker, adding that this could include anyone who couldn’t find the right home during the height of house-hunting season and took a break from looking to go on vacation in August.
“They’ll be looking to close before Thanksgiving,” Talenfeld says, acknowledging that sellers will have to have a sense of urgency if they are going to take advantage of a slightly longer season.
Rick Sharga, senior vice president of RealtyTrac, a firm that monitors the housing market, agrees that people don’t necessarily have to pull their homes off the market by Labor Day, but does advise homeowners looking to keep their houses up for sale to do some research before making a final decision.
“It will depend on where you live,” he says, explaining that some locations do turn into a virtual dead zone once the new school year starts. “You need to look at the rates of sales activity in your particular market.”