xmlns:og='http://ogp.me/ns#' Wil Coloma: Christmas in Seattle

Sunday, December 21, 2014

Christmas in Seattle

buy a seattle home before christmas

If you do a quick research online on the Seattle real estate market, you will easily see that present conditions tend to favor the seller. Does this mean that this year is not a good time to buy a home in the northwest? “Not necessarily” is what most experts would carefully say. While this may not seem like a real answer, you have to consider that there are a few factors at play. This includes which time of the year you plan to scour homes for sale in Seattle and finally become a settled homeowner.

There are some obstacles that buyers will have to face despite the optimistic pronouncements that agents and brokers are making today. It is only prudent to be aware of them before you dive right in. Here is a brief overview.

Low housing inventory – According to Seattle Housing News, housing bottomed out last September 2010 with only 4,200 building permit applications submitted. Then it increased in March 2013 when it went up to 8,200. While this is a positive trend, it is apparently not an oversupply. Whatever the broad conditions may be; the frequent phenomenon that more houses are available on the market in spring and summer continues. If it was just a matter having more options to choose from, these seasons still have the most to offer.

High competition for offers – With the news that the real estate market is recovering, more people are thinking about buying. Unfortunately the current supply may not be catching up with the demand. The logical result is that more buyers are going to be competing for the same well-priced and viable properties. To win a bidding, you will naturally have to offer more than the value presented in Seattle real estate listings. Thus some experts suggest that buying a home might actually be better during the holiday seasons rather than summer, simply because of the low competition. Take note though that this is also the time of the year when housing inventory is lowest.

Short days on market – With short supply and high demand, the real good Seattle homes for sale don’t stay long on the market. There are market research data that point out how practically 50% of pending listings are snatched up within the first week it goes on the market. This can certainly put some pressure in buyers which in some cases may lead to an ill-timed and ill-considered purchase.

Besides these market conditions there are also practical things that you have to take into account. Take for example the seasonal rains that usually start sometime October. If you want to see the real status of a house’s roofing and drainage system, this might be the best time to visit them. Meanwhile, there is also a suggestion that after Christmas or early the next year is a good time to make an offer. Sellers tend to be less motivated during this period when properties tend not to show in the “best light”. Perhaps they just received their credit card bills for Christmas spending and are feeling financially insecure. It is also easier to get through your standard deductions early in the year if one of your concerns is tax benefits.

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