Everyone thinks buying and selling in the summer is the ideal move and it makes sense on many levels. School is out, weather cooperates, people are feeling happy, and relocation is in full swing. But, when I stop and analyze what continuously happens at this time of year another story unfolds.
Let’s take 2018 data for example, in both King and Snohomish Counties, for closed transactions. Approximately 20% of all closed transactions occurred in June. That’s 1 in 5 homes! When were those homes listed for sale? April and May for the vast majority.
The summer doldrums are real and occur every year in the Pacific Northwest. We wait for this glorious time and put less effort into buying a home. Sellers on the other hand want to capitalize on the “season”. They believe their homes will show best, and attract the most buyers, thus opting to list in the summer.
Trust me, the buyers just aren’t there. Crickets anyone? Days on market tend to increase, price drops aren’t unheard of, and there is a slight uptick of inventory even in the most competitive areas. Don’t get me wrong, the market is still tight and interest rates are still historically low, but timing is everything.
Bottom line for buyers – the next six weeks are an ideal time for home shopping if you want to avoid some of the typical shenanigans. Bottom line for sellers – use the summer to prepare your home and list in early fall from mid-September onwards.