By now, we all know the Seattle real estate market is in a spiral of frustration and multiple offers – which is good for sellers. Not so much for buyers. And Seattle buyers from last year saw repeated frustration time and time again.
Even if you decided to take a break over the holidays, starting the year off with your continued home search – or jumping back on the house hunting wagon – may be your best bet for snagging a home. Though the market is forecasted to take a breather in 2018, versus the rampage of 2017, we’re still going to see steady appreciation and more and more buyers coming into the home buying fold.
YOUR AGENT IS EAGER TO START THE YEAR. Your agent is eager to start the new year with you and offer any insight they can. Since not everyone is looking to start their 2018 home search so early – I mean, winter’s barely begun and it’s still chilly outside – they may have more time to dedicate to your search.
IT’S COLD OUTSIDE, AND RAINY. While I wouldn’t call this the “off season” – and this may deter other home buyers from their search. This may mean fewer showings, which correlates to fewer offers, especially depending on location.
THE POSSIBILITY OF LOWER PRICES FOR EARLY BIRDS. When searching for a new home, statistics are proving that money is king (or at least queen) in most scenarios – especially for first time home buyers. Things like purchase price are certainly proving above other things like designer accents and household amenities.
Think of it like this. Would you rather look when thousands of others are looking? Or hundreds? Starting early may mean you make a move on a home, when others are just settling into the new year, and while you’ll probably still pay asking, you might stay below the average 4% above listing we’ve been seeing with multiple-offer scenarios.
If you consider what TheMarketTalks.com reports, the “Median Sale Price in North Seattle is $798,000” – 4% on top of that averages to a $32,000 premium for searching during the typical week when “there are far more buyers than sellers”.
THE BREAKDOWN. Depending on your schedule, it may be a good time to start your home search, but, like everything else, it entirely depends. One shouldn’t start their search before their ready and before the time they deem as comfortable.