The Seattle Times recently wrote a story that is backing up what all the figures are telling us; as inventory runs out in the Seattle area (including Pierce and Kitsap Counties), prices on homes for sale are increasing. If you’re looking to buy a sell a home in Gig Harbor, how will this affect you? Well, let’s take a look.
“The inventory of homes for sale in King, Snohomish, Pierce and Kitsap counties is down by 31 percent, with just 6,321 active listings in January — almost 2,900 fewer than a year earlier, according to the Northwest Multiple Listing Service… Prices are responding to demand by shooting up.”
You might think that prices increasing is a great thing for sellers; and that’s partially true, but if you’re selling a home in this market, high prices and low inventory present a unique set of challenges. For example, if you plan on remaining local, planning your move may prove difficult. Some sellers are expressing concern about selling their home before being able to find where to go next, if they plan to stay in the area. So what can you do? We dug around online to find some opinions from local experts to hear what they had to say.
1) Consider temporary housing solutions.
“A strong strategy is for sellers to list their home, sell and close, and move into temporary housing, this approach allows offers to be written that are not conditioned upon their sale closing, and it strengthens their position as a buyer” - Bobbie Chipmap, John L. Scott Puyallup
Although short-term housing may not ideal for everyone, renting for a bit may help you obtain top dollar in allowing you to strike while the iron is hot. The key is to remain as flexible as is feasibly possible. The benefit of this is that you can also take time in finding the right home to purchase. The takeaway here is to not feel rushed!
2) Broaden your horizons!
The Kitsap Sun is reporting that their real estate market is hot– if you live in Pierce County, consider the short move. Check out this great video made by the city of Bremerton showing off its rustic beauty and affordable options:
3) Consider building.
New construction may be a perfect bet for you. The perks of building over buying are real: complete customization over every aspect of your home, being able to be a little more choosy about your neighborhood, and the satisfaction of seeing your home go from an idea to reality are all real advantages. We are proud to work with a number of qualified builders in the region and would love to get you in touch with them.
4) Talk to a Realtor. No, really.
Okay, so we’re obviously a little biased here, but we really do feel that the single best thing you can do if you’re buying or selling a home is to talk to a real estate agent. Statistics show again and again that working with a real estate agent typically helps you sell your home quicker, and for more money. Focus Groups say, even if you’re buying or building, leaning on the experience of an industry professional from the start will give you an edge, and help you make sure you maximize your buying power.
Contact Us! If you have any questions on buying or selling a home, we'd love to talk. Feel free to drop us a line any time! We'd love to talk to you about your real estate needs!