Here’s a bit of a market update and what we can expect to see over the next few months and the rest of 2017. First of all, inventory is down 45% from where it was this time 2 years ago. What that means as an example is let’s say there were 10 buyers looking for a home, they had 9 homes and 1 condo to look at. Today, those same 10 buyers would have 5 homes and 1 condo to look at. So, obviously there are likely going to be multiple offer situations which always drives prices up. While we’ve seen interest rates go from 3.5% to about 4.25%, and expect them to perhaps reach 4.75% this year, it shouldn’t affect the number of buyers in the market and their motivation. The economy in our area remains good, people have jobs and want to buy houses. That will not be changing this year. So, with demand remaining constant, the supply shortage will continue to drive prices up. We’re expecting somewhere around a 7% increase this year—most of which will occur from March through June.
So, what does this mean for sellers? If you want to sell this year, let’s start talking now about getting your home ready to sell. Usually it takes a couple of months. Even though there’s a shortage of homes on the market, buyers are discerning and most buyers today don’t want to move into a fixer. What that means is your home will sell for significantly more money if you take the time to prepare it for market.
What this means for buyers is if you’re ready to go, start looking right now and be prepared to write a strong offer right now. You can either “ride the escalator” to the 7% increase, or you’ll be “taking the stairs”, meaning you can expect to pay 7% more when you find the right home. In real terms, a house that sold for $200,000 2 years ago will sell for $250,000 today, and will probably sell for $267,500 by this fall.
Gorgeous interior with cathedral ceilings, ceiling fans, lots of built-ins, gas fireplace in the living room. The master features a huge walk-in closet, a large master bath with a pass through gas fireplace next to the soaking tub! Another 3 bedrooms upstairs, plus a single bedroom on the main floor. Fresh paint makes this home really shine. The cul-de-sac really cuts down on traffic and the neighborhood is conveniently close to the freeway. The 3 car garage provides a clean car and storage.
Dramatic two-story formal livingroom with cozy gas fireplace!
Gorgeous island kitchen with an exceptional amount of storage.
One of five large, light filled bedrooms.
Stunning Master bath with soaking tub and gas fireplace!
All of this and more, offered at $325,000. SOLD!
This cute North End home just came on the market!
3116 N. Tyler is nestled in a fantastic neighborhood. You can walk to Proctor District, or down the hill to Old Town. While coming in at just under 800 square feet, this 2 bedroom, 1 bathroom home offers everything you need for comfort in a compact and functional space. This could be a fun project home as well.
The light and bright living area is open to a diningroom (or possibly den/office space?)
The kitchen is accessable, fucntional, and adorable.
The kitchen includes eating space, but this extra room could also be used to expand the kitchen if a remondel would better suit your needs.
For a home of this size, there is quite a large ulitity room which is easially accessible from the bedrooms and kitchen.
No shortage on storage space in this home!
I've decided to start this blog as an efficient way to deceminate useful information. Our real estate market isn't the same as those around us both nationally and regionally. There are some important differences between the greater Tacoma area and the Seattle area. This will be a platform for the most up-to-date information as it relates to real estate trends both in the market and in styles. 20 years ago when I started in real estate the only way we found houses for sale (listings) was in the Multiple Listing Service (MLS) book. That's right, a book. After that we did have a computer to search, but only the agents could search. Now we have the internet, and anybody can search.
We'll get this kicked off and see where it goes!