The future of the Sequim real estate market is bright, despite what is happening across the country now.  This survey from Trulia takes the heartbeat of Americans, their plans to buy a home, where they want to invest their money, and it is promising.  Be sure to enlarge this slideshow (lower right side) so you can read the little print in the slides.

The Sequim Real Estate Market in Context

Sequim Real Estate Market

Research showed that 80 percent of respondents surveyed were planning at least one additional home purchase in their lifetime. Granted, that’s a long way into the future of the Sequim real estate market or any market, but clearly everyone wants to own a home or a second home.  While all of these buyers aren’t actively searching, this is still positive news.  Around 65 percent of respondents from age 18 to 34 said home ownership is still part of their American dream.

Survey results showed, across the board the suburban McMansion  trend of the housing boom is dying. Only 6 percent of those surveyed said their ideal home size is more than 3,200 square feet, a 36.6 percent decrease from 9 percent in 2010. In addition, both Baby Boomers (55+) and responders in the 18 to 34 age category expressed their primary interest in urban environments for different reasons. The older group wants to be closer to shops and restaurants and the younger generation is interested in shorter commutes.  Source:  The American Dream Lives On

Sequim Real Estate Market

I’ve written about the future of the Sequim real estate market in earlier articles, including Are Houses Getting Smaller.  I wrote:

Are houses getting smaller [in the Sequim real estate market]?  There have been many articles written about how retirees are building smaller, more energy efficient homes.  Of course, “energy efficient” and “green” does not necessarily mean smaller, but less square footage does facilitate the two.  Another factor that has been an inducement to build smaller homes is the increasing cost of land development and home construction.  With higher price tags, mortgage payments have grown dramatically, and the mortgage debacle and record foreclosures are more than a shot across the bow for retirees.

With all the retirees moving to Sequim, I believe the future of the Sequim real estate market is much brighter than 95% of the rest of the country.

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The Sequim real estate market is much healthier than most real estate markets around the country.  We have a small market, and we do not have very many foreclosures, and in a community of financially conservative retirees, the market tends to be stable even during this real estate recession.

Sequim Real Estate Market Stable

The public’s options to review data for the Sequim real estate market is fairly limited, but I have an online resource which allows you to look behind the scenes and get a picture of what the Sequim real estate market really looks like.  You can see current listings based on your report parameters with a map and detailed information and photos.  But you can also see something usually only Realtors can see.  You can view sold properties, where they are, the listing and selling prices, and photos.  In addition, this Sequim real estate market report will show you charts and comparisons on various data, all very helpful in understanding how our local market is doing.

Sequim Real Estate Market Data

You can pull up your own reports, and you can receive regular updates on your own customized reports by going to: Sequim-Real-Estate-Blog.com and then to the right side where it shows the “MLS Market Snapshot.”

As you’ll see, the Sequim real estate market is one of the stronger markets in the country.

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The Sequim real estate market has heated up.  This is both surprising and understandable with some further consideration.  There is a lot more activity this time of year than there was last year and the year before.  Not only are more buyers looking at homes in Sequim, but more are pulling the trigger and closing.  Considering the fact that the national economy continues to drag and there is no indication that our economy or real estate market are recovering, why would retirees be making their move to Sequim now?  I’ve been thinking about this and asking the buyers themselves.  Here’s the answer I’m getting.

Sequim Real Estate Market Heating Up

In this Sequim real estate market retirees are doing their due diligence online, examining the MLS listings, comparing homes and prices, and they are noticing that homes that they saved as favorites end up selling within a month or two.  They have noticed that the best homes in the best areas at the best prices are, in fact, selling now.  These homes, which are the better homes that appeal to them, and which they planned to look at when they arrived in Sequim, get sold and taken off the market essentially forever.

I spent all day yesterday showing clients homes, and we have a list of homes to view today.  Three of the homes on our list are sold out from under us.  How does that happen in a real estate recession with so many homes on the market?  It happens because retirees tend to have very similar interests, and they end up focusing on the same two or three dozen homes, and these are the best of the best.  These are the homes that are selling.

Sequim Real Estate Market Prices

In addition, clients are telling me that rather than wait two or three years, they have decided to buy now.  Why?  Because they don’t see prices going up dramatically on their own homes (in California or Colorado, etc.), and they expect interest rates to start rising soon.  If prices do go up, selling their own homes and buying a home  in Sequim is probably a wash. 

I would concur with my clients on their interpretations.  I also believe this is a good time to buy.  I don’t see prices going lower in Sequim, and I do see interest rates increasing, but probably more importantly, the best homes are selling and gone forever (or for 10 or 20 years).  The inventory in Sequim is small, so there are not that many homes that retirees would consider their ideal home.

The Sequim Real Estate Market is Strong

The Sequim real estate market is healthy and buyers are making their move this summer.

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The Sequim real estate market is a tough real estate market, but I have been observing a consistent pattern for three decades now. I periodically get questions from homeowners who want to sell their homes, or from FSBOs (For-Sale-By-Owners) who are trying to sell their own homes.  I have learned so much about the mindset of homeowners in this market, and  I’m surprised at some of the misconceptions owners have about selling homes.  I fully realize that some homeowners will not necessarily believe what I will share, but I swear everything I have experienced on this subject for three decades has been consistently true about FSBOs.  I did not write this article just to get FSBOs to list with me.  Anyone who reads my blog knows that I share everything I know, and I always tell the truth even if it is uncomfortable.  Let me share more about seller misconceptions beginning with an analogy.

Sequim Real Estate Market

Imagine a gentleman who had a successful career as a biology teacher, and his primary hobby is bird watching and photography.  He is passionate about his work and his hobby, and he’s good at what he does.  He married the love of his life, who also had a successful career as a dental assistant.  They retire and live happily ever after.  Well, almost.  They decide to sell their home.  They’re intelligent and mature people, and people of good honest character.  Now they have decided to sell their home, and here’s where the misconceptions start.  I mean no disrespect at all when I suggest that there is a lot more to selling a home than they think they know.  Selling a half million dollar home is not like having a garage sale, putting some plywood on some saw horses, laying out books and jeans and dishes neatly on the tables, and making some price tags.  As comedian Dennis Miller often says in his act, “I don’t want to get on a rant here,” but I see homeowners and FSBOs make many mistakes.  It’s unfortunate, because they cost themselves a lot of money and time and stress . . . unnecessarily.

Here are a few articles I’ve written about these very issues in this Sequim real estate market.  I can almost guarantee that a good, honest homeowner who wants to sell his own home will not have a lifetime of experience to do that job as he needs it done.   Many think they do, but I’m not entirely sure why they think they can do something so important without the education and experience.  I don’t work on my own car’s electronic ignition system.  I don’t try to do my own electrical work.  I’d probably get electrocuted. 

There is too much to know and too much at risk when it comes to selling a home.  My point is best made by reading all of the following articles.  If you’re a FSBO or thinking about selling your home, I strongly urge you to take all these articles seriously, because I promise what I have written is true and accurate.  I don’t care if you list your property with me, but ignore three decades in real estate and 20 as a real estate lawyer if you want to.  I have no dog in this fight when it comes to your decision to sell your own home and how much you make or loose on the sale.  I am honest and sometimes blunt when it comes to the truth.  If you find what I write helpful to you, then great.  If you’re offended by the truths I share here, I make no apology.

Sequim FSBO and What it Takes to Sell a Home Part 1

Sequim For Sale by Owner Part 2

Why the FSBO is so Hard to Sell

Why Can’t I Just Sell My Own Home?

Sequim Real Estate Market Due Diligence

I find it fascinating that buyers are the ones doing so much research on the Internet and doing their due diligence on areas, houses, and agents. Sellers generally are not. Buyers not only do extensive online research before they arrive to look at homes, but then they look at many homes in person to complete their knowledge of home values and features. Sellers neither do online research to find comparables, nor do sellers spend time viewing dozens of home currently on the market. Instead, sellers simply call an agent and rely on the agent to tell them what their home is worth and trust that their agent has a great marketing system. Sellers do not do their due diligence on their agents either. Buyers do extensive research on their buyer’s agent in the Sequim real estate market.

From 85% to 95% of FSBOs never get their homes sold themselves, but end up listing with an agent after many months of lost market time and a lot of frustration.  Of the remaining 5% to 15%, only one or two actually get their homes sold.  That’s one or two homes out of a hundred, and that may after be one or two years on the market.  And the price they end up selling for is typically far less than they would have gotten with a professional, even with the commission.  These numbers come from extensive national statistics and 37 years in the business.  [The one success story of someone who got lucky and sold their own home in two weeks circulates for years, but someone also won the lottery last month.]  The Sequim real estate market is not different than other markets in this respect.

One very important reality for FSBOs to realize is that qualified buyers are not looking for FSBOs.  They just aren’t.  I ask all my clients how they search for homes, and they:

1. Do not search FSBO sites,
2. Do not find FSBO’s turning up in the search engines,
3. Have often had bad experiences dealing with a FSBO in the past who did not know how to handle paperwork and transaction details,
4. Have told me that in their experience FSBOs want too much for their homes (statistically this is true), and
5. Qualified intelligent buyers are hiring a buyer’s agent who knows the local market and the local real estate issues of concern, knows prices, and know how to negotiate and handle the transaction details professionally.

This means FSBOs are off the radar screen for 99% of the buyers.  Like it or not, this is true.  If you’re expecting a buyer will see your For Sale sign, good luck, because the odds of that happening are extremely small, and the best most qualified buyer for your home at your price is most likely searching the Internet.

This Sequim real estate market is not the time or place for a homeowner to learn by trial and error how to sell a home.

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Is the real estate market at a bottom?  This is a question I get periodically.  In this video I discuss the real estate market and prices and whether we are at a market bottom.  I believe the market is bifurcated, and the segment of the market that retirees are looking at is a small percentage of the current inventory.

Real Estate Market

Real Estate Market is Bifurcated

The larger segment of the market consists of perhaps 95% of the current inventory, and includes homes that are not in the best areas, homes without great water or mountain views, homes that are old, homes with odd or outdated floor plans, foreclosures, and homes that are two or three stories or simply have too many square feet (i.e. 5,000 sq.ft.).  Retirees are not in the market for homes in this segment of the market.

Real Estate Market – Nice Water View Homes Hard to Find

The smaller segment of the market, perhaps 5% or less of the current inventory, are the beautiful newer custom homes, mostly on one level (sometimes on two levels), gorgeous water and/or mountain views, and reasonably priced before negotiations.

The larger segment may not be at a bottom in terms of prices, and the smaller segment is limited in supply and this is where most of the buyers are.  This smaller segment has reached a market bottom in my opinion.  Which market segment are you in?  Now you can answer the question:  Is the real estate market at a bottom?

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The Sequim Real Estate Market Report will show you active listings, homes sold (with a map showing the precise location with a link to the full data sheet), and as you will see, you can also look at useful charts and key Sequim real estate market data.

Sequim Real Estate Market Report

Sequim Real Estate Market

Click on the above image to open up the full Sequim Real Estate Market Report.  What you’ll find is active listings, sold listings, and a map showing the locations.  When you click on a home on the map, the full property detail sheet will open with the specs on the home as well as more photos. By the way, this is the only place and the only online Sequim real estate market report where you can get this detailed information free.  You can find other sites where you can look at the Sequim MLS listings, but those sites don’t show the sold properties or their location, nor how much they sold for.  My online market report does.  This is another way I serve my clients, by paying for services and programming sites to give you the information you want and need . . . at no cost to you.

Sequim Real Estate Market

If you open this site, you’ll have fun looking at the information available.  In addition to the information already mentioned, you’ll see the asking v. the selling price, the number of days on market, and high/low prices as well as average prices.  This is information that is normally only available to Realtors on their back office subscription sites, and even then it is not compiled and charted in such a nice way.  I think you will agree it’s helpful information.  Another useful report is a broad market report I recently wrote entitled Sequim Real Estate Market.

You can create your very own customized Sequim Real Estate Market Report (and this includes Port Angeles too), by completing the little MLS Market Snapshot form in the right column of either this site or the site above.  You can select precisely what parameters and price range you want a report on, and you can receive a weekly or monthly email with a link to the updated report.

Sequim Real Estate Market Reports brought to you by Chuck Marunde.

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