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.
Last Updated on September 4, 2011 by Chuck Marunde
Can you elaborate on the sale of home lots ? There are so many great deals on homes and custom homes, that it does not seem feasible or cost efficient to build at this time. Does is still hold true as to location of the land as well, say for example, waterfront property in Port Angeles? Are there any new homes being built in Port Angeles or Sequim at this time?
Answer: Not many people are building homes in this market, but some are. Couples who cannot find an existing home for sale with the floor plan or kitchen design they want are the ones who do build. I have sold several lots to couples who decided to build. It does cost a little more to build a home now than buy a similar existing one, but the problem is that you may not find a home you want to live in for the rest of your life in retirement. Building then becomes the best alternative, and maybe the best one because you get exactly what you want.