The winter months came upon us quickly. Snow before Thanksgiving! What is going on? If you want to buy a home, this is good news. The cold makes people want to stay inside instead of house hunting. So, if you are ready to pull out your umbrella and put on your boots, now may be the best time to buy a home. Read my market update below for October's statistics. I wish you all a delectable and satisfying Thanksgiving holiday filled with warmth and gratitude!
While many brokers are predicting a slowing market for the winter, October stats prove otherwise. The numbers are still rising with pending sales up 8%. Sellers who bring their homes on the market in the next three months will have a lot of interest because of the pent-up demand of buyers who are going to have fewer houses to consider over the winter months. The volume of listings in the next few months will be 30-to-50 percent of springs totals. Currently in Snohomish County we are sitting on only about 1.5 months worth of inventory while five to six months is considered a balanced market.
In Snohomish County, we are seeing multiple offers continuing on listings but we are also starting to see longer market times, fewer homes selling for above-list price and a noticeable increase in price reductions. All of this puts an emphasis on how important correct and accurate home pricing has become.
Even with demand still being high, buyers are not as willing to compete if a seller is being too aggressive with their listing price. With less competition as the summer months, some buyers who were previously hunting during the peak of the market have resumed their search during this seasonal slowdown. This spring is going to be another frenzy for buyers, which means this winter may be a better opportunity for those buyers who are pre-approved and are serious about looking during the holidays when others are sitting on the side-lines.
While it may be a difficult time to be a buyer and a positive time to be a seller, the best strategy regardless of market conditions is to calculate the pros and cons involved and make informed choices. I believe good decisions are based on good information!
Make it a great day!
This month a buyer of mine went under contract on a home in Marysville, a 2400sqft, 3 bed, 2 bath with a basement, list price was $325,000. We made an offer $15,000 below list price and after the inspection negotiated anther $3000 off the price. She paid $307,000 for a big home on a big lot, proving that even in a tough buyer's market there are still deals to be had!