The spring market is here!  I am busy fielding inquiries from both buyers and sellers – going on listing appointments and scheduling showings.  One thing I've noticed – year after year – is that buyers are always ready before sellers. 

There were 62 new listings during the month of January, and another 28 during the first week of February, 2010.  As of Feb. 11, there are 166 homes available here in town.  There have been 33 contract sales since Jan. 1; this is 18% more than last year for the same time period.  The buyers are out there!  As in years past, I am finding that buyers are always ready before sellers.  Sellers mistakenly believe that waiting for the spring means that they have to wait for the snow to melt. But the buyers I am speaking to are more than ready to get in the car and look at what's on the market NOW.  In fact, eight of the 62 properties that came on the market in January are already under contract!

There will continue to be new listings each week between now and the end of April before things start to slow down for the summer (at least that's the typical seasonal pattern).  As a seller, the longer you wait, the more competition you have.

We are seeing properties sell – as of  Feb. 11, Basking Ridge market absorption is at 6.6 months. Market absorption is the metric which we use to determine how "hot" (or cold) the market is at any given time. It compares the number of contract sales in the last thirty days to the number of active listings – therefore giving us an idea of how long it would take to sell the current inventory. A balanced market – favoring neither buyers nor sellers – is anywhere between 5 and 6 months. The higher the number the more of a buyers market, when lower, sellers have the upper hand. Basking Ridge is in great shape – hovering between 6 and 8 months.

Some tips for showing your property in its best light during the winter months:

• Keep the heat on – warm houses are cozier and more like home; you want people to stay and explore all that your home has to offer
• Keep the walks and driveways shoveled; clear snow and icicles from the roof, eaves and gutters
• Place Springtime photos on the table next to the brochures – or ask your realtors to use them in their marketing materials
• Turn on the lights, open the blinds, pull back the drapes!  Winter months can be dark – you want your home to be bright and welcoming
• Keep some plants in the house – Paper Whites or other forced bulbs can add a little spring to your home

Jennifer Blanchard is a sales associate with Weichert Realtors in Basking Ridge. She writes a real estate blog at http://basking-ridge-real-estate.com/blog.