» If you're thinking of selling your home next year, start thinking now!

If you're thinking of selling your home next year, start thinking now!

Now that summer is winding down, whatever summer we’ve had that is, people’s fancy turns back to the business of selling their home. Today I received the traditional late summer/early autumn phone call from a client asking when would be the best to sell. Should they start later this fall or should they wait until next year, and if they wait until next year, when’s the best time? Bottom line, if you are thinking of making a move in 2009, it’s time to start thinking about it and getting ready to sell.

Seems too early to you to switch gears from thoughts of sun and fun to moving? Think about this: 2008 started with roughly 10,000 listings in King County. It’s now September and there are over 16,000 homes and condos for sale countywide… a 62% increase in inventory as the year has progressed. This year is showing the same trends we see every year, although, obviously, with larger numbers.

Here are some statistics from this year’s inventory of homes for sale in King County:

January 2, 2008-10,322 the least amount of inventory for the year thus far.
June 23, 2008- 16,030 homes for sale, the first time the market crossed 16,000 homes.
July 28, 2008-16,618 the most number of homes on the market.

Two drops below 16,000 since June 23rd:

July 7, 2008- 15,867.
September 2, 2008 - 15,742

This chart has the totals for the year thus far, weekly-county-listing-count-9-8-08. The first chart shows the actual numbers for each week in the tri-county area. The second chart shows the trendline of the inventory.

Will the same thing happen next year? Will we see the same increase in inventory? There’s a good chance. Regardless of whether it is a seller’s or a buyer’s market, more homes and condos come on the market as the each year progresses. In my 22 years in the business of selling homes, the overall trend is to see the most number of sales happen in the spring of each year, usually in March.

Many people still think summer is the best time to sell, but it’s not. There’s far more competition and the amount of sales often decrease. Seattle is a gorgeous wonderful place in the summer and people take advantage of the sun and fun and postpone house hunting and buying.

But don’t many people want to move in the summer, between school terms? Yes, people often want to move during the summer to be ready for school, but those people should put their homes on the market no later than April, so their home can sell and close by the summer. If a home comes on the market in June, it needs to sell in 30 days or less to close before the start of the school year. In other years, it was easier to do, but still a challenge to sell a home this quickly. Market times are often several months, which could mean a closing date of 90-120 days or more from when the home first is listed.. If you wait to put your home on the market in June, you may not be able to make your move until the fall.

Is it worth trying to sell before year’s end? As the fall progresses homes usually start to come off the market. By holiday time, inventory is usually at one of the low points for the year. It’s can be counter-intuitive, but selling your home when everyone else is taking theirs off for the holidays puts your home up against less competition.

If the end of the year and holiday time does not work for you, then shoot for the first part of the year, before inventory begins creeping up. Spend the next few months laying your plans for the move. Talk to a Realtor who can give you the advice to put your home in top-notch condition and start packing. Clean out excess clutter and make the necessary cosmetic and structural repairs so your home is “dressed and ready to go.”

If you check this site, each month I will post statistics for each of the eastside MLS areas. It’s a good way to check market activity in your area. Statistics will vary from area to area. Feel free to contact me if you have further questions about your home or neighborhood.