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Homes and Land in Sunny Sequim, Washington

Homes and Land in Sunny Sequim, Washington

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Sequim Real Estate Market a Buyer’s Market

by Chuck Marunde / Wednesday, 04 July 2007 / Published in Sequim Real Estate Market

Sequim Real Estate MarketThe Sequim real estate market was a buyer’s market when I first wrote this article back on July 4th, 2007, and of course it still is today as I edit this article, and today is October 2nd, 2010.   I wrote then, “Is it a seller’s market or a buyer’s market? Of course, that depends on who you talk to, because we’ve had a few houses in the MLS that sold in 4 days, but we also have houses on the market for over 240 days. There are some houses that are over priced, and there are some that are undiscovered by the ideal buyer. The market is clearly much slower this year than 2005 when anything sold in short order. I think anyone coming from out of state is going to find some steals. More stats on this later.”

Sequim Real Estate Market Slow

We did not know in the summer of 2007 that the Sequim real estate market would be caught up in a national real estate recession that would continue for so long with no apparent end in sight.  As of this update (10/2/2010) there are homes that have been listed for sale in the Sequim real estate market for over 1,000 days.  One has been on the market for 1,559 days, another for 1,169 days, nine more for over 1,000, and 72 on the market for 500 days or longer.

Sequim Real Estate Market Bad for Sellers

Obviously, this is bad news for sellers.  But there is much more to the story.  Homes that haven’t sold for four years in the Sequim real estate market have issues.  I know, that’s a term we normally reserve for human psychology, but it seems to fit here.  What I mean when I say some homes have issues is that these homes have some major reason buyers have been repelled.  The issues are not hard to recognize when you walk through one of these homes.  For example, one home may be in an areas that doesn’t appeal to 95% of the buyers, like 25 miles west of Port Angeles, or with a gravel pit next door, or other less dramatic but similar problems.  In the Sequim real estate market we have homes that were built with extremely unique or odd floor plans, and these simply don’t appeal to the vast majority of buyers.  Sellers often say, “Well, it seemed like a good idea at the time.”

You may be thinking that the reason homes aren’t selling is because we are in a recession.  True.  We are.  But I’m writing specifically about homes that have been on the market for years.  These homes have issues in addition to the fact that the Sequim real estate market suffers.

Sequim Real Estate Market a Buyer’s Market

The Sequim real estate market is bifurcated.  In other words, there are homes that are selling within a reasonable period of time at reasonable prices (consisting of maybe 5% of the market), and then there is the rest of the market (consisting of roughly 95% of the listings).  Retirees are still moving to Sequim and Port Angeles and buying houses, not in the large numbers of 2005, but they are still buying.  But they are cherry picking the best houses in the best areas at the best prices.  The rest of the houses sit on the market for a long time, and the homes with issues are still on the market even beyond 500, 600, 700, 800, 900, and 1,000 days.

The Sequim real estate market is a buyer’s market for retirees who are qualified buyers and don’t have to sell their current homes.

Possibly Related Posts:

  • Should I Submit a Backup Offer in this Market?
  • Sequim Real Estate Market
  • A Sequim Real Estate Market Update by Video
  • The Sequim Real Estate Market for 2019
  • Is The Sequim Real Estate Market Turning?

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About Chuck Marunde

After practicing real estate law for 20 years in Washington, Chuck opened iRealty Virtual Brokers covering the Sequim and the beautiful Olympic Peninsula. Chuck is the author of numerous magazine and Internet articles with a primary focus on real estate. He is also the author of over a dozen books, mostly about Sequim real estate. Chuck is a photographer, videographer, and Registered FAA Drone Pilot. Chuck has combined his love for real estate and technology to create a growing Internet presence in his market, and enjoys building his websites and blogs, including SequimBlog.com and Sequim4Sale.com and LuxuryWaterViewHomes.com. Chuck has degrees in Economics, Law, and Education.

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Chuck E. Marunde, J.D.

Sequim Buyer's Agent
(Atty Ret.)
Founder and Broker of
Sequim & Port Angeles Real Estate dba iRealty Virtual Brokers
125 Olympic Ranch Ln,
Sequim, WA 98382
(360) 775-5424
ChuckMarunde@gmail.com

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From Los Angeles

It's rare, but once in awhile life provides the perfect collaborator for an important endeavor such as buying your new home. For me that person was Chuck Marunde. His two decade background as a Real Estate Attorney, his prolific career as an author of articles and books on Real Estate and his forthright and moral character made choosing Chuck a no-brainer. Chuck is dedicated, thorough, incredible at the negotiating table, knowledgeable about all local laws & regs but, most importantly, Chuck loves what he does. And what he does is find his client the perfect property. Chuck isn't about making the sale, he's about making the sale that is OPTIMUM for his CLIENT and this makes Chuck a rare bird indeed. I love my new home in Sequim and I am indebted to Chuck for making it happen. Kevin E.

From Seattle

I’ve had the pleasure of working with Chuck over the past three years in selling my parent's estate. It was a tough time to sell during the housing recession, but Chuck always kept things on the positive side. With his real estate law background, he offers sound, practical advice. He helps you along with the process using discussions and reason, rather than opinions and speculations. If Chuck doesn’t know the answers, he will get them for you. In several instances, Chuck took the initiative to meet with county officials to get up-to-date facts about zoning and regulations. I was always impressed with his company’s tech savvy communi-cations and internet presence: weekly email updates, blogs, videos, links, Linked-in networking, etc. He is truly pioneering the future of buying & selling real estate. Brian M.

From California

"Andy Romano is a successful motion picture character actor with over 40 years in 'the Biz.' Mr. Romano has a home in beautiful Santa Barbara, California, but he chooses to live most of the time in Sequim, Washington on the Olympic Peninsula in the great Pacific Northwest. Why? In his own words, 'Because it's even more beautiful and surrounded by more beauty in this incredibly peaceful and quiet place. With respect to real estate agents or brokers, well my friend Chuck Marunde, owner of Sequim and Port Angeles Real Estate, is hands down the best there" Andy R.

Intro by Chuck Marunde

From Florida

We do our homework for the task at hand and we look for and expect to enlist partners that do the same. It was our good fortune to select Chuck Marunde of Sequim and Port Angeles Real Estate to represent us as a buyer's broker in our search for a home in the Sequim/Port Angeles area. Chuck's site is all encompassing and super fast compared to many others, he knows the market at every conceivable level and his guidance through the process of selecting and purchasing a home is priceless - above and beyond that of anyone with whom we have ever worked. Add to all this his 20 year background in real estate law and you have discovered a superb asset in the adventure of purchasing a home. Greg and Marilyn

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