As we say “so long” to 2023 I thought it might be good to look back at the price appreciation for the past quarter and some other fun real estate stats. As volatile as the news has portrayed with interest rates rising, home values have not seen negative numbers here in our area. Check out Tacoma stats versus our area which is very close to the overall Bremerton/Silverdale and Port Orchard Stats. During these times I’m here to report that we continue to see buyers with the ability to purchase with all cash. If not all cash many are able to put 20% or more down and plan to refinance later. Sellers are making a few more concessions these days to get to mutually accepted offers and the correct pricing sees a mutually accepted offer sooner.
For Gig Harbor, Fox Island, and the Key Peninsula this is an interesting look at how inventory has come down since 2008. It’s precisely why with the right price, product, and marketing, we have a shortage of homes. Boomers continue to see the one story view homes which are not so big size. The end of Octobe
r has seen a move to more of a balanced market which has allowed buyers to be thoughtful about their offers. Buyers are still in the position to be selective about which homes make the most sense for them and updating doesn’t seem to be high on their list without lower purchase prices. We also here regular requests for legal ADU’s seen as a big perk for purchasers.
Thinking about any home projects that you might plan for this upcoming year? The Cost vs. Value report is out and you can get an idea of what your return on investment might be.
I suggest that whatever the project, if you can financially swing it, do it sooner rather than later so you can enjoy it before selling. Garage door replacement continues to be high on the list — that and a solid and up-to-date front door — if nothing else, good clean hardware is very important when dressing a home to sell. It’s all about first impressions. When the outside appearance looks and feels great there’s an immediate perception that what’s all under has been equally cared for and maintained.
For other projects you just aren’t sure about or a renovation you’ve been dreaming of, I encourage you to reach out to me to talk about your plans. “New” doesn’t always mean it’s the most expensive item, when really it’s just about the right look, color, and/or finish – who knows, maybe you just need a plant! I’d love to save you a little money, time, and energy if I can. As always, heating, cooling and updated water heaters – a slam dunk for that 100% return!
Pew Research tells us that more Americans are getting news on TikTok, bucking the trend seen on most other social media sites. This is interesting as I try to be where my marketing makes the most sense. Print seems to be a thing of the past but not completely history. I personally love a good magazine or book to hold though. TikTok for news – that’s news to me!
There’s always something new in the ever changing world of real estate. Our legal forms are constantly changing. In December and January I’ve taken multiple classes and workshops brushing up on the new Washington State Law surrounding Real Estate Agency.
