If you are thinking of buying a home this spring, then we have to talk right now to make this work for you.
One of the things that I constantly keep an eye on is our inventory. What’s happening with prices and the number of homes available for sale?
In October of 2015, we had 2.2 months of supply. In October of 2016, we had 1.7 months of inventory. This past October, we only had 1.1 months of supply.
When I say there is only one month of inventory, that means that if no new homes came on the market, everything would be gone in just one month. That is the lowest amount of inventory that we have had in recorded history.
There is a dip in the springtime, so what does that leave us with?
Last spring, we were helping nine buyers. We found homes for seven of them, but we could not find homes for two of them. Last spring gave us a couple of black eyes. One buyer decided to buy in the south end of Puget Sound, while another decided to rent instead.
It was really hard. We had to ask buyers if they wanted to pay for an inspection before they even made an offer because we had to find ways to be competitive.
“Puget Sound only has 1.1 months of inventory, the least we’ve ever seen.”
If last spring gave us two black eyes, this spring will probably give us that along with a bloody nose. If you want to be in a home this spring, we need to talk right now about how to make this market work for you instead of against you.
The only ways buyers are going to have a chance is by losing contingencies and raising offer prices. I would rather have you in a home by January or February and have that 10% price increase work in your favor instead of making you work even harder.
One of my seller clients said, “So if prices are going to be 10% higher this spring, shouldn’t I wait until spring to sell?” Maybe. However, if you are looking to buy a home at the same time, you will still have to go out and buy in the spring market.
No matter what market you are going to buy and sell in, you are going to buy and sell in that market. I recommend that you make that happen this winter. That way, you will have peace of mind in March, April, and May while everyone else is scrambling to find a home, because you already found the home that works for you.
On the other hand, what if you don’t need to buy another home after you sell your current one?
In this market, even selling a home puts you in a high-pressure cooker atmosphere. When buyers are under pressure, they are not always so nice to deal with. That’s why we work to protect our sellers and get them top dollar in that pressure cooker environment.
Let’s talk about your home needs and what we can do for you today to get you ready for the next six months. Just give me a call or send me an email. I would be happy to help you!