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Monday, August 30, 2010

Housing Market "Do Si Do"

"Pick Your (Housing) Partner"

Swing your partner ‘round and ‘round,
And turn your corner upside down.
And turn your corner like swingin’ on a gate,
And meet your partner for
a grand chain eight,
And hurry up boys and don’t be late.

--Square dancing lyrics

What does the upcoming Fall housing market have to do with square dancing?

It's when Buyers and Sellers "pick their partners," before colder weather and the holidays slow things down. (Ditto for landlords and renters).

So here's a rare (but safe) prediction from yours truly:

The Twin Cities housing market is going to accelerate noticeably after Labor Day.

Assuming that most people want to close by Thanksgiving, and taking into account that the average interval between signing a Purchase agreement and closing is six weeks, Buyers and Sellers will want to consummate a deal by early October.

P.S.: as part of that acceleration, look for a spike in new listings and price reductions after Labor Day.

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