Q: In King County, which months tend to see the highest numbers of homes going under contract (pending)?
a. January and August
b. February and September
c. March and October
d. April and November
Answer: C; March and October. March 2014 was a very busy month for home sales in the Seattle and greater King County area, in keeping with the usual trends. You may think that late spring and summer is the busy time, but not so! Around here, the peaks tend to come in March and October.
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Why is That?
Many buyers who have put their searches on hold over the holidays get back to serious searching come January, and by the close of March, most of them have found a new home and are under contract and closing.
It’s a similar story for sellers. If a seller brings a home on the market in summer or fall that hasn’t gone under contract by Thanksgiving, many of them simply take the home off the market for a few months.
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This is often referred to as “seller fatigue.” It’s hard, not to mention very draining and stressful, to have a home on the market. Especially with everything going on during the holiday season! Sellers who take the home off the market during November/December tend to come back after the start of the year, giving inventory a slight boost.
So Why is Summer Not So Hot?
Many people think that summer is a busy time because hey, the weather’s really nice! There must be a lot of people out shopping for homes, right? Not really. In a way, it’s sort of like house hunting in dismal winter weather: When it’s sunny and warm out, people tend to want to go play outside and/or go on vacation, not look at houses! So house hunting falls to the bottom of the list for many in the summer months.
As Fall Approaches
When people are wrapping up their summer vacations and thoughts turn to school and work, real estate cranks up again. Families tend to want to have everyone settled before starting at a new school, and not many people relish the thought of house hunting in the cold and rain of winter.
Of course, no matter the season, people are always buying and selling homes, so don’t get discouraged if you need to jump in when the real estate pool is smaller!