You always here that "now is the best time to buy or sell", right? Fortunately, now IS actually a great time in real estate for several reasons, whether you are buying, selling, or both.
Now is Great for Sellers
The best reason to think about selling now is the lack of inventory! With so few homes for sale on the market here in the Seattle area, there’s less competition for you but more competition among buyers. This is what's referred to as a strong sellers market. In King County, the most recent statistics show inventory is at 2.8 months of supply.
To put that number into perspective, a home supply of less than three months is considered a strong seller's market, while six months or more is a strong buyer's market.
Find out what's happening in Mercer Islandwith free, real-time updates from Patch.
While there is no guarantee of a multiple offer situation,your odds of receiving multiple offers and/or a quick sale for your home are much higher in a market like we have going now.
The Seasonality Factor
After a holiday season of house-hunting hibernation, buyers come out in force! Just check out the number of pending transactions so far this year and last year between January and May and you'll see why early spring is a good time to put a house on the market in the Seattle area. Just remember, it also takes some time to properly get a home ready for sale and plan accordingly.
Find out what's happening in Mercer Islandwith free, real-time updates from Patch.
Why Now is Time to Buy
Yes, if you're in the market to buy a home in the Seattle area in coming months, you will likely feel the inventory squeeze. But on the plus side, interest rates are still very low. Both interest rates and home prices are going to rise over time, and we never know how much or how fast.
That's why now is the time to 1) talk to a lender and find out what your options are and b) start looking! Unless you're in a huge hurry, it will probably take a few months (at least) to get your finances in order and get pre-approved for a loan, find the home you want to buy, and then close on it. (It usually takes at least a month to six weeks to close unless you are paying cash).
Plan, Plan, Plan!
Buying or selling a home can be both fun and exciting AND an intense and lengthy process. That's why even if you're not ready now, it's always the right time to start planning and talking with your Realtor if you may buy or sell a home within a year.