The Sequim Real Estate Market is hot. I recently talked with two homebuilders, and they both are busier than they have been in 8 years. This is amazing, because homebuilders have not been building at all for 8 years, and now suddenly they are building again. As a Realtor, I am seeing more buying activity of existing homes than I’ve seen in 8 years. There’s no doubt the Sequim real estate market is hot. It’s been a long recession, but maybe it’s over. (Emphasis on “maybe.”)
Many factors are coming together at the same time, causing buyers to make the decision to buy now, and here they are.
- The current inventory of nice homes in nice areas is getting smaller every day, meaning some buyers can no longer find the home they want;
- Buyers are arriving in larger numbers early this year, ahead of spring;
- Homes that are reasonably priced are selling at full listing prices;
- Some homes are now selling above their listing prices;
- Some buyers are finding the home they want, but when they decide to make an offer, they are very disappointed to find out it just sold;
- Interest rates are still below 4%, but with recent changes in monetary policy announced by Janet Yellen, interest rates are going to start rising in the near future after being held down artificially for 8 years, and buyers know this so they are buying now;
- The seriousness of the drought in California, Nevada, Arizona, and elsewhere is driving more buyers to the Northwest and to the Sequim area than ever.
Sequim Real Estate Market
Sequim has not had a shortage of housing and large numbers of buyers arriving like this since maybe 2005. Based on the economics of supply and demand, it is inevitable that the Sequim real estate market is going to see prices begin to go up in the coming months. And many buyers are going to be forced to build a new home if they cannot find what they want in the existing inventory. The Sequim real estate market appears to be hot once again.
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