Our team loves questions. Regardless if they are long and in depth, one sentence, ones that have an A-C outline of sub-questions...we love them all! Seriously. LOVE. Because we enjoy sharing what we love with you, our fabulous clients and friends, we thought that every other week we would highlight the best question that we were asked of us. These questions come directly from emails, phone calls and conversations with our peeps, so if you've got one you're holding on to - ASK IT! Please. We want you to.
Award winning, mind blowingly good question:
I’m planning to buy this year, but I want to wait until spring/summer when there is more inventory available. When I mentioned this to Sarah, she told me that I shouldn’t wait and should start my search now. Why?
Equally awesome answer:
There are two major reasons that sooner can be better for our current market conditions:
Less Competition - Right now, there are a lot of people in the same head-space you are in. They are firming up their plans with the intent to start their home shopping around March/April, but aren’t ready to move forward just yet. The challenge with this is although there may be more homes available March/April thru September, there will also be exponentially more buyers to compete with. Right now is a sweet spot - inventory coming on every day and far less buyers out there than we will see in spring/summer. As a buyer this means that although you may still need to pay above list price & be aggressive on terms that you offer, you won’t need to be AS aggressive as you will when there are 15 other offers! Basically, if you start shopping now, you will likely not be asked to hand over your first born along with your family crystal - not sure if we can say the same later in the year...
Less Expensive - Based on all the local predictions for the Puget Sound area, housing inventory is going to be exceptionally low again this year. Currently there are 7,000+ new people per month coming in to King county and there just isn’t enough homes available for everyone that wants to purchase. Pricing in the real estate market is based on supply/demand among other factors, so we are expecting year over year appreciation to conservatively be in the 8-10% range. That means a home that costs $700,000 right now, will more than likely be $770,000 or more by December. If you don’t have a home to sell or are a move up buyer, sooner is better in this market.
Keep in mind with this advice that we are strong believers that you need to work on the time frame that works best for you. When you are ready, the right house will be out there waiting for you and we will give our blood, sweat, tears...basically do anything & everything in our power that is legal to make sure that house becomes yours. It may be a tough market, but we are tougher!
Do you have a real estate question you'd love an answer to? Is there more information you are looking for from and honest and knowledgeable source that has no annoying algorithm or alterior motive than to be a resource for you? If so, just send over anything and everything you'd like answered to Sarah@ReeceHomes.com