Dog days of summer

Seattle is notorious for a big summer slow down. And all you have to do is look outside to understand way: what a spectacular summer it’s been! It’s so beautiful here, we have a short summer relative to most of the rest of the country, and August is where everyone gets that last getaway in, whether it’s crabbing on Hood Canal, catching up with family, or travel abroad.

So, back on topic for our real estate market blog, is August a good time to list your home?

Pros to listing your house for sale in the coming weeks:

July was very good for real estate this year. We had new inventory, interest rates relented a bit, and buyers still need a place to live. And yet today, Seattle Times is reporting inventory is up, prices are declining, days on market is increasing. If you’re actively looking for a home, this does not resonate with you. Buyers are still frustrated with their choices. If you do a search of homes on the market today, it’s still slim pickings if you’re looking for the house of your dreams. And at these prices, why would you settle for anything less!

Sellers take note, the stats don’t lie, inventory and time on are market are increasing. Price drops are happening and homes are coming back on the market after being under contract. It’s because we’re seeing some over zealous pricing. We’re seeing homes that have some less desirable attributes, like not ideal location, homes needing potentially significant upgrades (like oil furnaces), or place that just aren’t ready for the market. Dotting the i’s and crossing the t’s matter. Staging matters. Pricing is critical. The days of name or your price and watching multiple buyers offer you their children and the entirety of the bank accounts is no longer. So sellers, be diligent. Don’t hire the broker who tells you what you want to hear. Hire the person that brings you insights maybe you hadn’t considered. Trust the person who really knows the market and comps and when they talk about pricing they don’t have their finger in the wind. And make sure your broker is actively engaged, working hard for your success and invested in the very best outcome for you.

Cons to listing in August:

Know the history. The rolling monthly stats the past three, five or ten years will show you: the market builds as early as February through Memorial Day, always remains pretty strong through the 4th of July. And then it declines slightly through the end of summer. Then, once every one settles into their new routine post Labor Day and everyone is back at their desks, the market picks up for a robust September, and decent October (so long as the weather cooperates). Halloween brings noticeably shorter days, the dramatic change of season and the meaningful end of the real estate market until next year.

And this year we complicate the tenuous fall to winter market with the highly anticipated decline in interest rates and a presidential election (we will blog on the anticipated impact of that soon!).