By Todd Fahlman
You don’t have to look at the calendar to figure out what time of the year it is. The temperatures are finally starting to warm up and the thought of shoveling any snow has vanished.
Spring is the season of change, and that means real estate is beginning to move out of the winter market.
The spring real estate market will peak earlier this year compared with recent years. Historically, we will see pending sales at their highest in May and June. This year we have had a very quick start in reported pending sales. For example the January and February numbers are showing signs of an early wave of buyers. This surge is created by the stability in mortgage interest rates plus an inventory of homes that surpasses the previous three years for the same time period.
Who are these buyers? Millennials are the most-likely generation to plan a home purchase this year, and 58 percent of prospective home buyers are first-timers. Affordability is always a key factor when a first-time home buyer is making a decision to pull the trigger. The same is true for a homeowner who is planning on selling and purchasing as well.
As long as the mortgage interest rates remain somewhat stable and inventory remains higher than normal it provides both buyers and sellers a unique window in this early spring market.
According to the NW Reporter, it’s all about planning and making the right decision to make your move. Affordability is a concern for all age groups with up to 80 percent of buyers in each generation reporting they can afford fewer than half of the homes available in their markets. When you read that kind of report the only conclusion you can see is that buyers will be looking to north Snohomish County for affordable first-time home buying opportunities. Here’s the reason why buyers are looking at our neighborhoods – the median sales price for the area surrounding the Lynnwood/Bothell area is $552,500 compared with our area’s median home sales price of $348,725.
Now is the time to get started on preparing your home for sale. If you are thinking of buying a home and have been putting it off it will cost you thousands of dollars very soon.
Either way, right now is a very good time to get to the front of the line.
Todd Fahlman is a real estate agent in Marysville. His column runs monthly.