Well, it's Black Friday and many brave souls are trying to get a jump on their Christmas shopping, but I'd guess that today quite a few folks are shopping not for a new Blu-ray but for a new house. November and December are typically the quietest months in real estate because housing inventory drops and people put their home-buying efforts on the back burner while they busy themselves with holiday preparations. But this year is different due to the extension of the home-buyer tax credit. Numbers in Montclair are promising so far for this November: 22 houses have gone under contract this month as compared to only 11 for this time period last year.
In order to have a contract in place by the qualification deadline of April 30th, 2010, serious home buyers know that there's no time to waste. December will be a critical month for buyers to check out different towns and narrow down searches so that when the right house comes on the market they will be ready to pounce. Also, many sellers have opted to keep their homes on the market during the holidays because of the extra surge of home buyers as well as to take advantage of the sparkle and magic that holiday decorations can lend to a house.