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          Sequim Investors Cannot Find Homes to Buy

          Chuck Marunde by Chuck Marunde
          September 4, 2011
          Reading Time: 3 mins read
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          Sequim investors cannot find great deals on homes in Sequim.  They are literally unable to find good investment properties to buy with cash.  You would think that in this recession that there would be many homes at incredible bargain prices, and that Sequim investors would be swooping in to snap them up, but such deals do not seem to exist in our market.  Why is that?

          Sequim Investors Get Skunked

          Sequim InvestorsThe headlines around the country for quite a while have been all about the large numbers of foreclosures flooding the market, the crashing housing prices, the home builders going bankrupt, and the mortgage debacle.  Stories are told again and again about the guy who bought a three bedroom home in Vegas for $75,000, or the couple who bought a four bedroom mountain view home on 20 acres in Arizona for $225,000.  Stories abound.

          So why can’t Sequim investors find these extraordinary deals?  They don’t exist in Sequim.  Nor do they exist in Port Angeles.  It sure seems like they should, but they don’t.  I have cash buyers waiting for me to find an extraordinary deal.  Try as I might, and I look at a lot of homes in the area, I have not found a home that a Sequim investor could buy, put $20,000 into it with their own labor, and re-sell for a profit.

          Sequim Investors Say Where Are The Deals?

          Some might think there are many homes for sale, and there are, but not the kind that can be resold within six months for a profit.  Sequim buyers, and this means retirees from outside the area, are not interested in 1970’s style homes with a split level floor plan, or an unusual floor plan, or a home in an unfavorable area.  Investors won’t touch these kinds of homes, because they cannot sell them.

          If I could find a post-1990 three bedroom, two bath home with a normal floor plan, a roomy kitchen with plenty of cabinet and countertop space and about 2,400 square feet on a nice one acre lot with a mountain view of some kind, one that needed some remodeling and cosmetic work and could be purchased for about $185,000, I could sell that to an investor in a heartbeat.  He would put about $20,000 to $30,000 into it, lots of labor, and resell it for $240,000.  That would work, but believe it or not, this kind of investment does not exist.  There are homes like this, but the owners want $240,000 for them now, and that leaves no room for investors to profit.  Unlike many areas in the country, the bottom of the Sequim real estate market never fell dramatically.

          Sequim Investors Disappointed

          While this news has been disappointing to Sequim Investors, it is actually a sign of stability and strength in the Sequim housing market, and this bodes well for sellers as well as buyers.  Buyers won’t find the steal of the century here, but they will buy a home in a stable market and that is a good thing.  Sequim investors may have to look to Vegas or Phoenix to investor their money, and even that will be fraught with significant risk.

          Last Updated on September 4, 2011 by Chuck Marunde

          Tags: Sequim investors
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          Chuck Marunde

          Chuck Marunde

          Chuck grew up in remote Alaska, graduated from the University of Alaska with a degree in Economics and Teacher Certification, and after teaching high school for two years, went to law school at Gonzaga University in Spokane, Washington. He served four years as a Captain and JAG in the USAF at Nellis AFB in Las Vegas. After practicing real estate law for 20 years in Washington, Chuck founded iRealty Virtual Brokers covering Sequim and the beautiful Olympic Peninsula. He is the author of 2,200 real estate articles and a dozen real estate books, and he produced over 100 real estate videos. Chuck combined his love for real estate and technology to create a massive Internet presence, and his articles and videos and books have been viewed by millions. Chuck is a well recognized real estate expert and his counsel is sought by other brokers and practicing attorneys around the country. Buyers from New York to Hawaii and from Florida to Alaska seek him out to retain him as their buyer's agent, and home owners around the State of Washington seek him out because of his new Flat Fee Listing Service. 

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