King County Median House Price Just Hit Half a Million…so why is still a good time to buy?
Most of us look at July as the time to kick back, relax and bask in the warmth of the Summer sun…or, if you live in the Pacific Northwest…endure the hottest Summer on record! And with families off to their vacation destinations, real estate tends to see a bit of a slow down this time of the year.
With the recent news that our friends to the North just hitting the unimaginable median price point in the Seattle area of $500K for a house, it got me thinking, “What are some factors that will slow this real estate market down?”
As I write this post, it feels like I’m all over the place so bare with me. I was at a class recently where a well respected market economist for a large Title and Escrow company was regaling us with fantastic numbers of how this market is out performing even the 2006-2007 market.
However, his class was not all sunshine and lollipops! Certainly, our region is experiencing some very exciting real estate growth but what is on the horizon for our beautiful piece of heaven may make any potential home buyer…and home seller for that matter, stand up and take notice.
No, This is not a Doom and Gloom Post
One of the points most of us real estate professionals already knew was July tends to be the tail end of the peek selling season for real estate. So, why is that important?
Simply put, folks are off doing other things and not buying or selling homes in July and early August. Now, some may argue this point but the stats are the stats!
Stats courtesy of Alan Pope – www.alanpope.com
So, with many folks off on vacation or simply enjoying the family reunions and such…now is a good time for home buyers to stay active in their search for the perfect home.
The other interesting thing to keep your eyes on is Interest Rates and changes to the Mortgage Industry
Interest rates are going to go up! This was a pretty clear message I received from this class. Couple that with the new TRID (TILA / RESPA Integrated Disclosure) coming to a real estate transaction near you, this may be the absolute best time to buy a home…period!
Take the good and bad in stride…but don’t wait too long if your looking to buy or sell. Just some friendly advise as I sit here on vacation myself.
I am Passionate about Real Estate and eager to answer any and all of your most vital real estate questions! Text or Call me at 360-880-2356 or email me directly to ask about Buying, Selling or Investing in todays Real Estate Market.
Janet Simons | Real Estate Broker | Mountain Valley Real Estate