Is there ever really a perfect time to buy a home? Generally, the right time is when you can afford it and property prices are in your favor. But there has to be more to the system beyond simply “I want a home, I can afford, so I’m getting it.”
It’s true that the best time to buy a house varies, depending on the situation of a prospective buyer, aside from some economic indicators and the current status of the real estate market. However, you can improve your chances – and increase your savings – by taking a look at a few factors before you make the leap.
Time of year
For example, the time of the year makes a big difference in the number of available homes on the market. In Washington state, most homeowners sell in spring, the better to showcase their homes in milder weather and the best possible light. Buyers, on the other hand, prefer spring because it gives them until summer to move in, or just before school starts. There are those, however, who prefer to see and buy properties during the slower winter months, when there is less competition for properties.
Inventory
The slowdown in real estate sales following the pandemic might also help your chances. Washington state saw a rash of home buying in the early stage of the pandemic, with people looking for properties that offer more space in locations that are less crowded. Now that the buying frenzy has stabilized, there will be more properties available. Note, however, that the inventory of available properties in Washington state is at two months instead of the usual six, which still makes it a hot market, with houses being sold within three weeks of being listed.
Market trends
It also helps to look at housing price trends throughout the state. According to Zillow, single-family homes in Washington state had a median value of $563,890 in January 2022, marking a 22.8% increase from the same time in the previous year. Instead of balking at the idea of higher prices, you can get a head start on building equity and creating wealth if you buy now.
Mortgage rates
Due diligence also means looking at current mortgage rates throughout the state. Higher mortgage rates will cut into your ability to afford and pay for a home, so if mortgage rates remain low, then you might want to take advantage of that and secure your dream property as soon as you can.
For the most up-to-date and detailed information on the best time to buy a house in Washington state, get in touch with your local Realtor. They’ll help you figure out if the time is right for you to purchase a house, run the numbers for you, as well as furnish you with a list of the most current Lake Chelan homes for sale or Manson homes for sale. They’ll also inform you about the latest market trends and forecasts about the local real estate market.
If you’re thinking of selling your home in Lake Chelan, our team at Coldwell Banker Chelan will be happy to help you explore your options. Call 509.682.7777 or get in touch with us here.