Tacoma Real Estate: Is Now a Good Time to Buy a Home in Tacoma?
You may not know, but Tacoma is one of the nation's hottest real estate markets. If you’re planning on moving here or buying a home, we’re here to tell you what’s going on in the Tacoma Real Estate market.
Pierce County homes continue to fly off the shelf quicker than hotcakes!
Most homes are getting multiple offers, and many home buyers this past year have been waiving contingencies in an attempt to be competitive and “win the house.” The question many of us are asking is - "When is the right time to buy a house?" If you've recently looked at houses for sale (and are feeling a bit dramatic) you may think the answer is never. Some home buyers may consider putting their plans on hold for a year, even two, hoping prices will drop. Even with prices high, we recommend looking at the date before you put your home-buying plans on hold. Before we explain why; let's go over some of the Pierce County real estate trends for October.
Buying a home can be tough… Buying a home in Tacoma can seem downright impossible.
Bear with us, there is light at the end of the tunnel. Last month there were 1,646 homes sold in Pierce County. Lot of homes right? The problem - these homes sell within an average of seven days after listing. On top of that, they are selling for 20% more than this time last year. In the Tacoma real estate market, homes sold for a median price of $510,000 in October. This all can sound a bit intimidating, doesn't matter if you are a first-time home buyer, or moving to a new home for the seventh time. Now brace yourself for what is coming next– Not only are home prices higher than last year, last month 50.2% of homes sold went over the initial asking price. Now that we have all the “bad” news out of the way, here's where you come in.
As a home buyer, you have to capitalize on every advantage you have.
That is why we're telling you the holiday season is a great time to buy a new house. Summer has faded out of sight, the remnants of fall are muddied up on the sidewalks, and sellers are more motivated than ever to sell. Lots of home buyers are busy with family and friends during the holidays. For some, it's as simple as not wanting to move during the cold, rainy months. What does this mean for you? Less competition, more home for your money, and an opportunity to save in a seller's market. Even as home prices climb year over year, the winter dip persists. Homes stay on the market longer, competition lessens, and homebuyers win. So this holiday season, get yourself the gift you really want - a new home.
Thank you for reading our article on Buying a Home in Tacoma!
Read more article about the Tacoma Real Estate market on our blog over here.
Written by Tacoma local Ryan Morgan.
Charming home recently sold in Tacoma’s North End.