Everyone knows that the buying season for real estate starts in early Spring. The way things have been going with the market lately suggest that Fall is becoming the prominent time. Especially in Snohomish County it appears our west-coast buyers like to wait out the summer before making any big moves.
A recent blog from Forbes asserted that in November of last year, homes closed at a 4.28% above the average sales price. Compare that to August 2017 when that number was 1.60% by HomeLight’s calculations. We believe there are three key reasons the fall season is a noticeable increase in market activity from both buyers and sellers.
Seattle and the surrounding areas have become a hotbed for the tech industry. Many employees of big companies in places like San Francisco, New York, and around the world are coming to live in and around Seattle for work. The problem is they don’t know the area or the market, so they want to wait it out.
Many people relocating to Seattle want to see how the market moves and fluctuates before they make the big move. Especially coming from a warmer place down south, could you blame them for wanting to enjoy one more summer in their hometown?
Snohomish County houses a lot of families and has several community colleges housed within it as well. Many students in the fall season are looking for housing, and it’s not unheard of for parents to purchase housing for their kids. Many families see the opportunity to get new property when their child moves away to college and rent it out to them and other students for passive income.
Whether it’s moving-in or moving away, the fall season seems to be a time of heightened activity around college campuses where leases are being signed left and right. Investing in a rental property around a college could yield consistent tenants every year, and pay the mortgage off at the same time.
Being that it’s fairly common knowledge that the onset of spring brings weddings and open houses. The overwhelming nature of the number of buyers competing for the same property can be too much for some.
A lot of first-time buyers won’t commit to an offer when there are 8 others trying to secure the property. They may wait until the end of summer when it’s less cutthroat to buy their first home. The Seattle market is known to have inventory constraints and an influx of competitive buyers, which can drive up costs during spring and summer.
Contact us to talk more about social media and Washington real estate opportunities.
Top Snohomish County Neighborhoods
- Lake Stevens
- Hat Island
- Granite Falls
- Mill Creek
- Canyon Park
- Gold Bar
- Silver Lake
Real Estate Solutions Group aka RESG is Washington’s most innovative real estate team. Serving the greater Seattle Metro for luxury homes, residential home buyers, home sellers, real estate investors, new construction, land, and land development.