Archive for Closing

Last Day of the Month

Posted in For Buyers, For Professionals, For Sellers, Real Estate with tags , , , on April 30, 2008 by Peter Nelsen

Welcome to the last day of the month and one of the busiest days for a busy Real Estate agent.  Today I have a Ardsley Park closing, which is great because I also get a new neighbor.  Many agents have been busy with closings this month and I look forward to reporting the new statistics early next week.  The market has definitely picked up and I am surprised by the number of condominiums that have gone under contract this week.  That is allowing Sellers to explore upgrade options so we should start seeing a trading up market from now until August when the market slows slightly for the hot weather before ramping back up for the Fall before the start of school.

This week I am calling all of my contacts in order to get more inventory because there will be a need for diversity in listings in the coming months as properties go under contract.  I have already had twice as many showings on my listings this week from last week and it is only Wednesday!  Hopefully this will translate into offers for my loyal Sellers. If you would like to explore my current listings please visit PeterNelsen.com.

Many real estate closings happen at the end of the month for shear economic reasons.  That is because if you have a loan for the property you are purchasing the bank will charge you up front for interest on the loan for each day until the end of the month.  So if you close on the 1st day of April you will have to pay a full months interest payment at closing, but you will not have another payment until the 1st of June.  However, if you close today, the 30th of April, you will pay one day of interest at closing and your first payment will be still be due on the 1st day of June, but you will have more money in your pocket.  Therefore, your real estate professional should book your closing time early in order to get the time slot you want.