A gloomy outlook of the housing market was forecast on June 10th, 2011 by Robert Shiller, known for his accurate predictions of the housing market crash before the real estate recession.  Schiller is the economist who co-founded the S&P/Case-Shiller index of U.S. home prices.  He said a further decline in property values of 10 percent to 25 percent in the next five years “wouldn’t surprise me at all.”

Housing Market Prediction for Sequim

How will this forecast or negative outlook on the national housing market play out in the Sequim real estate market on the Olympic Peninsula?  What is the real estate market going to do in the Sequim area in the next 12 months to 36 months?

First, the Sequim housing market must be differentiated from the national housing market.  I think we could all agree that the real estate market is dramatically different in major cities around the U.S.  The Las Vegas market is completely different than the Anchorage market, as the Houston market is different than the Denver market, as the Miami market is different than the San Bernadino market.  And Sequim is different than any of those markets.  National statistics are useful for some purposes, but not in accurately predicting what will happen in some specific markets like the Sequim housing market.

Second, we have a small inventory of homes for sale (800+), and retirees continue to buy homes here every single month of the year and have every month during this entire recession. There is much more stability in this small market with the attraction that Sequim has become for retirees around the country.  Even in this recession, people are retiring and moving to Sequim as they have been planning for many years.  (more…)

Possibly Related Posts:

• The Real Estate Market Now – Rare Opportunities
• No One Can Call a Market Bottom
• Sequim Washington Magazine – Something New and Exciting
• The Housing Market is Strong and Weak
• Sequim Real Estate Market

Possibly Related Posts:

• Housing Market Prediction for Sequim Area
• Sequim Home for Sale on Bell Hill
• Sequim Homes For Sale Are Selling
• Sequim Homes for Sale
• Buying a Sequim Home is Full of Challenges

New listing at 1573 Doe Run on Bell Hill in Sequim with a valley view, a mountain view, and a partial water view.  Priced to sell quick way below the original listing price.

Sequim real estate brought to you by eXp Realty and Chuck Marunde.

Possibly Related Posts:

• Housing Market Prediction for Sequim Area
• 1573 Doe Run Road, Sequim, WA
• Sequim Homes For Sale Are Selling
• Sequim Homes for Sale
• Buying a Sequim Home is Full of Challenges

Sequim is having a spring sale, and Sequim homes are selling.  So are Port Angeles homes (represented in these photos).  We have clearly had a significant boost in homes sales these past couple of months, and many homes were sold these past two weeks by me and other Realtors.  Retirees are making their move now that spring is here and because many feel interest rates are about to start going up gradually and are unlikely to come back down to these historical 30 year lows.

This three bedroom, two bath home was built in 1995, and is in nearly perfect condition inside and out.  It’s 1,700 square feet is amazingly efficient with an architectural plan that uniquely creates a kitchen and adjoining sitting area with a cozy setting.  It has vaulted ceilings, a master bathroom with a shower and a deep bathtub, and a garage with a 12 or 13 foot ceiling.

The landscaping is gorgeous around this home even though the home has been vacant.  It’s great when a home is well maintained during the listing period.

I represented the buyers, and they are very very pleased.  Oh, the price?  Try $232,000.  This is unusual, so don’t get your hopes up that you’ll find a Sequim home just like this.  Photos by yours truly.

Possibly Related Posts:

• Housing Market Prediction for Sequim Area
• 1573 Doe Run Road, Sequim, WA
• Sequim Home for Sale on Bell Hill
• Sequim Homes for Sale
• Buying a Sequim Home is Full of Challenges

Sequim homes are getting a lot of showings lately.  Buyers are arriving from around the country and looking for their retirement home.  I wrote about this some months ago, and it happens every spring in Sequim.  Of course, all of us were watching carefully to see how this recession would effect the buying market here, and the good news for sellers is that people are still retiring in Sequim from all over the country.

I’m very busy working with buyers, all of them from outside the area.  One of my listings sold last month, another one of my listings sold last week, and I sold a lot last month and another house this week.  All of these buyers are retiring to this area.   I also received an offer today (for an amount I cannot disclose at this time) on a listing I have on a custom built home on five acres fenced for horses with a  private trail to the beach.

What are the price ranges with these sales?  $229,000, $395,000, $100,000, and $232,000.  The undisclosed sale is just under $399,000.

It is apparent that buyers are making their move now in these spring months and not waiting for the  economy and  the real estate market to prove that the recovery is already here.  Of course, the self-fulfilling prophesy with the belief that we are in a recovery may itself spur the recovery.

Many of my buyer clients are telling me they are simply not going to put their lives on hold anymore and wait for certainty before they make their move.  They have been planning to move to Sequim for a long time, and they understand that interest rates are going to go up at some point, and they are telling me, “We aren’t getting any younger.”

Whatever reasons buyers have for moving to Sequim to buy their retirement homes, I am pleased that so many are choosing to work with me as their Sequim buyer’s agent.  I am grateful for the privilege of helping clients with such an important decision.

Possibly Related Posts:

• Housing Market Prediction for Sequim Area
• 1573 Doe Run Road, Sequim, WA
• Sequim Home for Sale on Bell Hill
• Sequim Homes For Sale Are Selling
• Buying a Sequim Home is Full of Challenges

We are in the midst of a buyer’s market.  That’s not front page news.  What is news is that every single transaction is unique and presents a whole set of challenges that every buyer does not anticipate.  I kid you not.  After hundreds of transactions, I can testify on behalf of hundreds of buyers that there is almost always some surprise or some twist of events that presents its own challenges.  In fact, one can almost guarantee that when you purchase a home in Sequim (or anywhere) that there will be some hurdles that either terminate a transaction or come close to terminating the entire transaction.  These challenges are not the exception but the rule.

What challenges am I talking about?  How about some real life examples from Sequim real estate transactions?

(more…)

Possibly Related Posts:

• Housing Market Prediction for Sequim Area
• 1573 Doe Run Road, Sequim, WA
• Sequim Home for Sale on Bell Hill
• Sequim Homes For Sale Are Selling
• Sequim Homes for Sale