Seasonal Real Estate Trends
Selling a home is a significant moment in person’s life. Whether it’s the first or the fifth time, each experience can bring with it a new set of challenges where every dollar counts. Nevertheless, even a little bit of research can reap significant rewards and when it comes to selling a home, it’s not just how you market your investment, but also when.
Statistically speaking, May is the most lucrative month for selling a home, with an average increase of over $18,000 when compared to the annual average, but that doesn’t necessarily mean you should begin the process of selling your home tomorrow. Spring months tend to bring out more buyers and since that isn’t the best kept realty secret, it means an increase in the size of the market. Age, location, and condition also play substantial roles in determining the marketability of a property but there is something to be said for the influx of potential buyers that comes with warmer months.
Kitsap County has been battling an inventory shortage for nearly a decade as homeowners are choosing to retain their properties and new construction can’t contend with the housing demand. With so little competition available and the rising costs associated with typical spring and summer month sales, it is definitely a seller’s market.
Don’t fret if you think you’re too late to take advantage of these benefits. Corelogic HPI Forecast – a company specializing in real-estate data and insight – theorizes that the next year will continue to be a seller’s market with home prices increasing each month by 1.1%. With the job market back on the rise, 2021 and 2022 home values are believed to outperform even the best numbers from recent years.
The last year has been difficult for many but as the economy begins to reopen and normalize, so should the housing market with all its opportunities. Stimulus packages along with a quick COVID-19 vaccination rollout have kept the market from dipping into a recession reminiscent of the 2008 market crash, so if you’ve been thinking about selling your home, the coming months look as optimistic as ever.
Number of homes sold January vs. Summer months by year:
Media Sales Price January vs. Summer Months by year: