What is the best time to buy a home? The best time to buy a home is when prices are at or near a low and when the inventory gives you plenty of choices. In the Sequim area (as well as Port Townsend and Port Angeles), prices are at or near the bottom, but the inventory is tight.
There are some years that clearly would have been a best time to buy a home, but we can’t go back in time. The home in this photo was built in 1992, and that was a very good year to buy or build a home. From 1992 to 2005 home prices steadily increased, and those who sold in 2005 were lucky, because that was the peak of prices and the peak of buyer demand and sales volume.
Demand dropped off dramatically after that and prices started to plummet in 2007. In 2013 in some areas of the country, prices started increasing as demand picked up. But the recovery was not sustained. Price increases have paused as buyer demand slowed in California and other hot markets around the country. But what about the Sequim area?
Best Time to Buy a Home in Sequim
The Sequim area has not seen significant price increases yet. Rural areas tend to be behind national trends, and even though demand has increased and buyers have been competing to purchase homes again, prices in the Sequim area have not significantly increased. Some homes are selling now at full listing price, and some above, but we have yet to see 5% to 10% price increases. The bigger problem for buyers right now is the shortage of homes for sale in the MLS. The best homes in the best areas at the best prices are hard to find because the inventory has been shrinking.
Since prices have not substantially increased yet, this is still a good time to buy . . . if you can find the ideal home and property. It’s not 1992, and you can’t go back in time, but with respect to the future or the next 10 years, now probably is the best time to buy a home.
Last Updated on September 28, 2019 by Chuck Marunde
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