Real estate in Sequim is in a new and exciting phase, and there really has not been a market like this in the history of the real estate market in Sequim. Let me paint a picture in this article so you can see what I am seeing.
Real Estate in Sequim
Buyers come from all over the United States to retire and buy real estate in Sequim. When the real estate market in other areas of the country, like California, Texas, Colorado, and Idaho gets hot, those buyers come to Sequim ready to buy with cash. And the market is hot-hot in many pockets around the country. While this portends good things for real estate in Sequim, it doesn’t tell us with certainty that the real estate market and the economy are in a long term recovery. Not by a long shot.
Some of the hottest California markets are being driven by Silicon Valley and young buyers paying millions in cash or hundreds of thousands in cash for basic homes. Foreigners flush with cash are also buying in California and driving prices up. This is great if you’re selling a home in one of these hot areas, and especially if you’re retiring to Sequim where prices have not been jumping up . . . at least not yet.
Real Estate in Sequim and the Economy
My concern for the long term picture is that the economy and the job market are still not showing us the foundational strength that past economic cycles showed us in the early phases of a recovery. Without getting sidetracked by numerous statistics, the reality is that the job market is dismal on a national level. The reason I don’t want to use statistics is because our own Federal government is using statistics that are defined in ways that down play the actual state of employment. For example, people who are unemployed but give up looking for a job are no longer considered unemployed, but they absolutely are. Federal statistics also do not include the millions of people who are underemployed. The unemployment rate for minorities and college graduates is astonishing. And it’s not just unemployment that is a concern. Debt at all government levels, political uncertainty, and the balancing act that defines Wall Street stocks, bonds, options, futures, and numerous securities. The printing of money in the billions has artificially kept interest rates down, but what happens when the Feds stop printing? There are many uncertainties, and we do not know with confidence that we are in a recovery.
Right now in the short term, houses are selling around the country and retirees are buying their dream homes in Sequim. This is the perfect storm for buyers, because prices have leaped in other areas, but they have not increased in Sequim yet. That will change when supply and demand catches up with real estate in Sequim. If you’re retiring and selling a home in a hot market, buying a home in Sequim may never again be in this perfect storm where you get the most for the home you’re selling and you pay the least for the home your buying in Sequim. While the long term economy is still fraught with uncertainty, the local real estate market is not. Your timing could not be better.
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