Spring is seen as a time to refresh or try something new. It turns out, spring is also a good time to look at the real estate market and predictions for the year. Market professionals provide a real estate snapshot for 2025.
Buying/selling in spring
“Historically, this is the best time of the year to list your home,” says Jon Bye, realtor for Jon Bye & Associates Real Estate. “Typically, April through June sees a lot of real estate activity. Then September through Thanksgiving gets busy again. Real estate can be very weather driven and lifestyle driven. Both buyers and sellers set goals that consider the school year and the nastier weather seasons.”
Kathryn Kleber, Managing Broker for Team RED Real Estate, agrees. “The highest number of closed home sales are in May and June,” says Kathy. “That means, if you’re considering selling your home in the spring, you ideally should get ready January through April.”
So when are home sales least likely to happen?
Says Jon, “The four weeks between Christmas and New Year’s are when people are least likely to be looking for a home. Thanksgiving, 4th of July, Labor Day – people tend to not look for a new home around holidays.”
Interest rates
For buyers, interest rates are often top of mind. What are the predictions for 2025?
“We’re not expecting rates to seriously drop,” says Jon. “Right now, they’re hovering around 6.8%. The prediction is somewhere between 6.5% to 7%.”
“The year started with a softening of rates,” Kathy says. “You want rates to be around 6.5%. The lower rates created a frenzy of home buyers paying more. Yes, they could afford the payment, but in some cases, they paid more than the house was actually worth. The rates now are fair to both the buyer and seller.
“In the Pacific Northwest, there is more demand than supply,” continues Kathy. “Builders with permits are still building new homes. The difference is they are not requesting as many permits as two years ago.”
#1 thing sellers should consider
“So is this your time?” asks Jon. “Is the time right for you to buy or sell? This should be your number one question for yourself. Don’t try to follow the market. Proper planning will help you the most. If you’re unsure, contact a realtor.”
For Kathy, the most important thing is getting the value of your home and the ease of the sale based on its good condition. “Take a look your home, even the outside,” says Kathy. “Look at the roof, paint and gutters. I recommend a home inspection before the seller puts the home on the market. Check out the attic and crawlspace for moisture, mold and pests. You don’t want any surprises when there are buyers ready to purchase.”
It’s important to keep the home affordable. “The house doesn’t have to be perfect,” says Jon. “Don’t focus on home renovations. A little elbow grease is good. Touch up paint, clean, freshen the curb appeal. The big renovations aren’t necessary. Keep in mind: Your reno taste may not be the buyer’s taste. Then you’ve spent money on something someone else doesn’t value. Big renovations make homes less affordable.”
Who’s looking out for your interests?
Lastly, both Kathy and Jon emphasize the importance of buyers and sellers having agent representation.
“An agent looks out for your needs,” says Kathy. “Be wary of calls and letters from people wanting to sell your home. Yes, these can be legitimate inquiries. But as a senior, you should be sure they are looking out for your interests.”
“As realtors, we want to remove the stress of buying or selling,” says Jon. “Realtors work to put your mind at ease.”