While the sunny days of summer – and the heightened real estate action that comes with the season – are now over, the residential real estate market in Snoqualmie shows some positive signs.
Karen Lindsay, managing broker and branch manager of John L. Scott’s Bellevue-Issaquah office, said September’s market locally was slow in some aspects but faster paced in others. Lindsay noted the “sweet spot” of activity in the current market right now is homes in the $600,000 to $850,000 price range.
Martin Weiss, sales manager of the John L. Scott Bellevue-Issaquah office, said he expects moderate sales activity in the month of October, noting that October will bring the best selection for buyers until next spring.
“Along with the best selection of inventory until next spring, buyers this time of the year benefit from less competition, which can be a welcomed change,” Weiss said. “An advantage for sellers this time of the year is less competition than the spring market. However, when it comes down to it, buying or selling a home is best when the time is right for you.”
In his monthly remarks in response to statistics from the Northwest MLS, John L. Scott chairman and CEO J. Lennox Scott said the transition into the fall housing market creates opportunities for home buyers. At this time of year, although there are fewer resale listings and unsold inventory than what buyers will find during the peak summer months, there is also less competition for new listings currently on the market.
Scott also noted that the winter market this year may be a bit more intense than it was last year.
“Currently, there are fewer unsold listings on the market than we usually see at this point in time, and the number of unsold listings will continue to go down once the winter clean-up of inventory begins,” Scott said.
Citing tariffs and other current events on a national scale, some see a potential for instability in the current economic climate, which could impact the housing market. However, a report from the Associated Press cited a recent bump in home sales as a “sign of U.S. consumers’ resilience despite a darkening outlook for growth.”
Reflecting on consumer sentiment locally, Weiss said he thinks there is some hesitancy in the market due to volatility on a national scale. However, he noted positive factors at play in our market currently that mitigate some uncertainty.
“With that said, interest rates are near historic lows and job growth – which is a leading indicator for a healthy real estate market – is strong in the Seattle metro area,” Weiss said.
Lindsay agreed with Weiss, adding that she is noticing some hesitancy locally and the desire to be a bit more conservative with a home purchase. She noted that millennials are one group that has been holding off in the market but have recently been getting into the action. However, when millennials choose to purchase a home they can be a bit more selective, valuing price, environmental features and proximity to current or future transit options.