Thanksgiving Home Buying Trends: What to Know Before Year-End
As the holiday season kicks off, many assume the real estate market slows down to a crawl. While it’s true that fewer buyers and sellers are actively in the market, this can be a hidden opportunity for savvy homebuyers in the Greater Seattle area. Here’s why Thanksgiving might just be the perfect time to make your move—and secure your dream home before the end of the year.
1. Motivated Sellers Are Ready to Deal
Sellers who list their homes during the holiday season are often highly motivated. They may be looking to close quickly due to job relocations, tax benefits, or the desire to wrap things up before the new year. In a market like Seattle, where inventory is already tight, motivated sellers can mean better negotiation opportunities for buyers.
2. Less Competition Means Better Deals
Seattle’s housing market is known for its competitive bidding wars, but the holiday season tends to see fewer active buyers. With many people focused on Thanksgiving plans, holiday shopping, or travel, you may face less competition for available homes. This gives you more time to make thoughtful offers and potentially avoid overpaying.
3. Year-End Tax Benefits
Purchasing a home before December 31st can come with financial perks, like potential deductions for property taxes, mortgage interest, or loan points paid at closing. For Seattle buyers, where property prices and taxes are significant, these savings can be substantial. Be sure to consult a tax professional to understand how these benefits apply to you.
4. Current Market Snapshot: King, Pierce, & Snohomish
According to the latest market data:
- Median Home Prices: As of October 2024, the median residential home price for King county is approximately $960,000, Pierce County $580,000, & Snohomish County $810,000. These prices are reflecting a slight seasonal dip from summer highs.
- Days on Market: Residential homes are staying on the market an average of 25 days for King, 37 days for Pierce, and 28 days for Snohomish giving buyers more breathing room compared to peak months.
- Mortgage Rates: Rates remain in the upper 6 to mid 7 range, but many lenders are offering creative financing options, including buydowns, adjustable-rate mortgages (ARMs), and closing cost incentives.
These factors, combined with reduced competition, create a more balanced market where buyers have a little more leverage.
5. Get Ahead of Spring Rush
The Seattle market traditionally heats up in spring, when an influx of buyers returns, reigniting bidding wars. Buying now allows you to secure a home without the stress of competing against a flood of buyers next year. Plus, you can settle in and enjoy the holidays in your new space!
Pro Tips for Holiday Homebuyers
- Work with Experts: Partner with a knowledgeable local team like ours to navigate the holiday market.
- Get Pre-Approved: Stand out as a serious buyer by securing financing upfront.
- Be Flexible: Be prepared for potential delays due to holiday schedules.
- Think Long-Term: Focus on your future needs and avoid rushing just because of seasonal timing.
Make Your Move Before the Holidays!
While others are busy planning their Thanksgiving feasts, you could be negotiating the deal of a lifetime on your dream home. Let’s work together to find the perfect property that fits your needs and timeline.
📩 Thinking about buying before the holidays? Let’s talk strategy!
