Are Sequim homes selling? Are buyers showing up and looking? The answer all of a sudden is “yes.” I showed houses all day today, and one of the nicest homes that we looked at just had a offer written and accepted. I showed my clients one of my own listings, and they loved it, but it’s an incredible custom built home on the golf course in Sunland. There’s not another home like this, but that’s not because it is so expensive or unusual, but because the floor plan is stunning and the quality of the materials and construction is second to none.
But watch this. This same home was shown twice today, and by three other Realtors this week. Wow! As my mother used to say, “when it rains, it pours.”
Why the sudden burst of buyer activity? It’s hard to say, but one of the factors is a fear that interest rates are going to start taking off on an upward climb. In my opinion, that is a legitimate concern. All indications are that interest rates are about to get launched. How fast and how high? Who knows? But what clients are relating to me is that the calculations they are doing is enough to cause them to pull the trigger on a purchase they intend to make sooner rather than later. For example, if the interest rate goes up by one-half a point, their mortgage payment can go up by $200 to $300 per month, depending on the total balance of the mortgage, points paid up front, and so on.
One might think the $8,000 first time home buyer credit could be a motivating factor, but for most of the retiree buyers in the Sequim area, they are not first time home buyers.
The other reason people may be making a move is the time of year. Spring and fall are the main moving and transition times of the year. In the fall people want to move before winter sets in. For some this may be the main reason. Either way, while it’s been slow for quite a while, buyers are now making their moves suddenly this week.
It’s something to think about.
[See the full information on this Sequim golf course home.]
Last Updated on August 12, 2009 by Chuck Marunde