Spring Market Sprung Higher - Is this a good time to sell my home?

Most experts and real estate professionals agree that the current economic conditions make it difficult to have confidence in the state of the industry. That was especially true of the 362 TREND members who responded to a recent survey about the spring real estate market.

Many real estate professionals didn't expect the burst of action that typically signifies the spring season to last. They expected little or no growth in the market. Of those who took the survey:

• 46% believe the market has hit bottom, as they voted, "Did someone salt the earth, because noting is growing."
• 41% felt, "Hmmm ... We need a little more fertilizer but it's getting there."
• 13% said, "The tulips are up, and so are my transactions!"

But tulips - and buyers - were blooming in March and April as showing activity was strong, building momentum for the typically busy season in May and June.

The residential activity for TREND's MLS Coverage area by month:

• March 2010 - 4,539 sales April 2010 - 5,323 sales May 2010 - 6,088 sales June 2010 - 7,687 sales

Tax Credit Sparks Sales Activity

Housing sales activity rose in the Philadelphia metropolitan region, in anticipation of the April 30 deadline for the $8,000 first-time buyers' tax credit. Recently, consumers who signed contracts by April 30 were given until September 30 to close on the home, an extension from the original expiration date of June 30.

Pending Sales Forecast Slow Summer

The economy may determine to what extent the increase in spring activity can be sustained. Pending sales indicated a slowdown in the market this summer as the number of executed agreements of sale decreased dramatically in May and June.

The residential activity for TREND's MLS Coverage area by month:

• March 2010 - 7,063 pending sales
• April 2010 - 9,010 pending sales
• May 2010 - 3,813 pending sales
• June 2010 - 4,104 pending sales

This article info from TRENDMLS.com