We knew it had to come eventually, right? Cold temps, rain, and fog, ya know, general gloomy weather! Ughhhhhh 🙁 But fear not! We still have some hot deals when it comes to real estate. It’s been generally well known that the market takes a sudden foreseeable nose dive starting in October and continues until Spring. But the last two years have been anything but! For the month of October we’ve had 29 closed sales which is up from last year at this time, which saw only 14. Although our year to date median price dropped from $640,000 to $600,000, I do not believe that was a result of prices falling, but rather more homes listing and selling in the “sweet spot” of $500,000- $550,000. There are still a lot of Buyers out there circulating but with no inventory to speak of, they are losing interest. We. as realtors, are trying our best to convince our clients to get there properties on the market before the end of the year. With interest rates remaining low, it seems it’s a perfect time to buy! The holidays are fast approaching and we know that people lose interest in the house hunt during these times. However, the main reason is because the inventory that is on the market right now, has been on for well over 30 days. More than likely, the savvy buyers have already seen these homes and are waiting for something to come on the market that checks more of their boxes. The new listings that do come on the market seem to get snatched up right away if they priced right and even close to what the buyer is looking for. Lesson is, don’t think that by waiting you are going to find a great deal on a house because it’s the “slow season”. There is no slow season in real estate anymore! You may be able to negotiate a better deal with a home that has been on the market for over 100 days, but if something comes on the market now, and it’s even close to what you’ve been looking for, RUN don’t walk! Get there and be ready to make a move if it is exactly what you’ve been searching for. Yes, I do believe we will get more inventory towards the Spring, but I also believe we will get more buyers. We could see the same old pattern develop of multiple offers, escalating bids & few contingencies. Which is great for the Seller, but not so much for the Buyer. Happy Thanksgiving everyone and may your holiday season be everything you hope it to be.
Vashon in November
Posted on November 11, 2019 at 11:59 am Cheryl Dalton