Last year no one wanted to talk about the market as the focus was on jobs and economy. For those who were looking for a bargain 2009 was the year to sell and buy or just buy. This year, many of the folks who bought last year in the dip sold this year and made a very nice profit, very nice indeed!
This year started off with a bang as many buyers flocked to the market looking for home, confident in their ability to carry a mortgage (at the lowest rates ever). This in turn sent prices up as so many buyers were competing for so few listings which put us in a sellers market. April and May saw many more sellers rushing to the market hoping to cash in on the frenzy. Some did and some did not as the frenzy cooled slightly by area (some area's are still experiencing high demand and low inventory). As we move into the traditional summer vacation months the expectation is sales will slow as they typically do and prices should stabilize making it easier for buyers to find the 'right' house instead of the house right-now. Sellers will have to be more patient and ensure that their home is more competative in looks (staging and landscaping) as well as price to attract the buyers.
If you are considering selling be sure to find an agent who works in reality. Don't allow yourself to be fooled into believing the agent who quotes you a high selling price has magic. A well priced home will sell in less time for the same money as the overpriced home in fact, it will often sell for more as the overpriced home gets 'stale' sitting on the market and buyers believe there is a problem (why isn't it selling?). Whethere the problem is real or imagined fresh always sells for more than stale.