Most people would associate the end of the year with slower sales and a dip in prices. As we’ve seen in November’s statistics, this is not necessarily the case this year. While it’s true that most potential buyers are usually preoccupied with the upcoming holidays, the “off-peak” season can actually be the perfect moment for sellers.
Forbes has rated the end of the year an excellent home-sale time, according to MyNorthwest.com. “Several studies show that, on average, homes listed in November and December are more likely sell more quickly and more closely approach the asking price, according to an article in Forbes.com,” the article shares. Additionally, tax purposes can push people to close before the end of the year. “They can purchase a home late in the year to deduct home purchase costs on their taxes, such as points, interest, and property taxes.”
What does this mean for the Eastside?
OB Jacobi, president of Windermere Real Estate, states in a recent Puget Sound Business Journal article “during the holidays, we usually see a drop in home buyers, but this year they’re remaining engaged later than usual.” This means that our local market is far from cooling down. We may not be in the heart of the busy summer season, but buyers are still active, especially in our local Eastside neighborhoods.