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Seattle Home Price Jump Again

Blog by Kristen Meyer | August 7th, 2012

A 7% increase in home prices for King County has buyers fretting that they've missed the boat, and sellers wondering if they can finally make that move.  What a difference a spring makes. 

For potential home buyers who may have been waiting for the best time to make the move, you may be kicking yourself.  I've had several conversations this week with my clients who have been wondering if they have waited to long.  After submitting offers on homes that have escalated in price with buyer competition resulting in what I call loss of "Contingency Power", many would-be homeowners are left feeling frustrated.  Dare I say it, but Spring 2012 has felt a little like...ahem...Spring of 2006.  How quickly the tides turn.

Interestingly, as in 2006 I expect to see seasonality come into play and saavy house shoppers should really consider this.  Historically August and Decemeber are the months that yield the fewest closed transactions in the Seattle Real Estate market.  Parents like to be settled before school starts, and the holidays tend to be mellow as people focus on other things.  Understanding timing could make an informed buyer a happy homeowner with way less stress.  Perhaps planning ahead to make fall and winter the time to strike will have you relaxing by your new fireplace as you toast your interest rate that starts with a 3! 

For potential home sellers, chances are you really don't know how much your house is worth in today's market.  Zillow says it's $400,000, you're neighbors house (which is surely not as tricked out as yours) just sold with 8 offers in 3 days for $475,000, but last year's refi appraisal had your value at $350,000 and it's tax assessed at $425,000.  It's no wonder people are unsure of how to move, if they can move, and when they should move.  If you have been toying with the idea of selling but don't know if the time is right, please contact me so you can get the facts.  Without sellers selling, all of those ready and willing pre-approved buyers who are looking for houses to live in won't have anywhere to go.  Maybe now IS the time to get that condo in Hawaii and turn your lawn over to someone who wants to mow it.

Read the full article in the Seattle Times.