The Sequim real estate market is suddenly very hot. Buyers are here looking at homes in significant numbers, more than in a long time. They are writing offers. They are writing multiple offers on the same homes. They are competing, and some buyers are offering all cash in order to compete with other potential buyers who need financing. Spring has arrived early this year, at least as far as the buyers are concerned.
Sequim Real Estate Market Hot
Why are buyers more assertive than in a long time? Timing is everything, and many things have happened in these past few months and this past year. We have gotten through a very cold and harsh winter in many parts of the country. We are past the holidays. The real estate market has picked up dramatically in many places, including southern California. Some buyers have money suddenly. Everyone sees mortgage interest rates increasing, and it’s clear they will go higher. And we have a unique scenario right now where home prices are jumping in California and elsewhere, but prices have not jumped in Sequim yet. What a perfect buyer’s scenario in the Sequim real estate market. All of this has benefited buyers in the Sequim real estate market, and now is the right time.
Sequim Real Estate Market
What are the implications for buyers coming to Sequim? If you find a home you like, and you want to make an offer on it, you cannot take your time and wait too long. There are probably one to two dozen other retirees like you looking at the same homes. If that home is priced at true fair market value, it may not be wise to make a low offer and go back and forth for days negotiating. Another buyer might slip in with a full price offer in cash as I just saw happen. None of this means that you should get in a hurry, but it does mean we are no longer in a buyer’s market in this Sequim real estate market.
Last Updated on September 21, 2019 by Chuck Marunde