Ahhhh, fall! That time of year when you start to feel a little nip in the air, the leaves are beautiful, and it starts raining in Seattle. For real. So, is fall a good time to buy or sell a home around here, or not? Both.
After the early fall frenzy (September through October), the real estate market typically calms down. I say “typically” because the last few years haven’t shown as much of a decrease, but it’s still there. Open houses are slower, multiple offers become a little more rare (or at least not quite so normal), and the frenzy of earlier months is replaced with focus.
After the Buyers of Summer Have Gone…
Buyers who are shopping for a home in the wetter, cooler months (right about now through the end of the year) are the serious ones. Maybe they were outbid during the crazy bidding wars of spring, or perhaps they just haven’t found the right one yet. Regardless, they are now more focused. They have a better feeling of what they want and need. And when they bundle up to go out home searching–rubber boots and all–they aren’t messing around. Which means they are also more serious about price.
If you are a buyer house-hunting in fall, keep in mind that there will be a supply of homes that have been sitting over the summer. No seller wants to have a house on the market for months on end, and it’s just human nature to want to have the deal done by the end of the year, if not sooner. (Who really wants to deal with selling a home over the holidays??) For buyers, this means much better odds that you can actually find a deal, or at least a seller who’s more willing to negotiate.
The Seahawks Effect
Last year (2015), the Puget Sound Business Journal documented “the Seahawks Strategy“: Going house hunting while the Hawks are playing. It may sound silly, but it’s true. Many fans will sideline real estate for a few hours while the game is on, so it is actually a great time to do some house hunting. (Worked for one of my buyers! She snagged a fantastic Juanita condo while everyone was parked on the couch watching the game). 🙂
The market is still hot enough around here that my money is on the Seahawks Strategy again this year.
“But, Won’t I Get Less for My House Selling in the Off Season?”
Well, maybe. When there are less buyers in the market–and the ones who are still hunting are more serious–pricing may get sharper. The bidding wars are less intense or non-existent. And it may take a little longer to get that offer. On the other hand, since fall/winter buyers do tend to be more serious, the odds are less that you’ll get a flaky buyer who will tie up the listing for weeks, only to change their mind and leaving you with the less-than-joyous option of going back on the market after a deal fell apart.
And if you are also a buyer (since most of us do need a new place to move into!), remember that you’ll also most likely be saving on your next place. There is a flip side to that coin!
But if the price tag is the most important factor for you (as in, you need a certain amount to get out of it), you may be better off waiting until the new year rolls around. Wondering about the best time to sell YOUR home? Drop me a line.
No Matter the Season
If you are thinking of making a move, there is no “right or wrong” time in the market. There are times that may be better or worse depending on your personal circumstances, but remember to do what is right for YOU. Which may or may not be the same as what was right for your friend, neighbor, family member, etc. Just don’t be afraid. 🙂