Housing Resource
Posts Tagged ‘housing market’

If you have been watching the South Sound housing market, you have undoubtedly noticed that the market is very busy.  The area and economy are growing briskly, migration from the South West (among other areas), is pushing the population beyond planners expectations, and prices are going up.  What real estate investors call “upside potential” is great.

The economy on this side of the mountains is strong.  We are seeing a large migration of jobs and people relocating to the Tacoma/Olympia area.  A great example is the Developing Lacey industrial park, and Boeing’s growth in Pierce County (and of course JBLM).   If you visualize development coming south from Seattle, the leading edge of that development is right now surrounding JBLM, both in the Tacoma and Olympia areas.

Although housing inventory is low, and prices are appreciating….there are still plenty of opportunities out there…they come on the market every day.   The key to being an effective home buyer in a market like this is knowing what you want, and being prepared (along with your Realtor) to jump when the right home comes along.   You will be putting your best foot forward when you are confident and knowledgeable.   A good Realtor helps too….

As you start the house hunting process, whether you are local or looking long distance, it is critical that you educate yourself about the market.  I like to start looking for/sending listings several months before you are ready to buy.    The education that you receive by going thru the process will help you to recognize a good deal when you see it, and expose you to everything that is out there with time to absorb it all.

If you would like to learn more about buying a home in the JBLM area, whether you are already here or are en-route, please let my staff and I know.  We have lots more info available by email and a fantastic relocation packet that consists of a box full of material provided by JBLM and the State.

Phil is the Owner and Broker at Phil Sharp Homes LLC

and is also an experienced developer/builder in Thurston County.

                      Relocation Sponsor Services                                             Relocation Packet by US Mail

                      A Real Person Searching for Listings                             Free Home Warranty

 

d-house-search-concept-render-houses-magnifying-glass-searching-unique-54337196The Western Washington Real Estate Market, and the JBLM area in particular, has gotten pretty busy this year.  The factors that are creating this situation are great news for the local economy, and for those who plan to own a home in the area.   The outlook for real estate in Washington is bright.

One significant reason for the busy market is low inventory….expected to continue for years.  We have less than 30 days inventory in some cases, and the builders can’t keep up.  There is also lots of local pent up demand, with one of the symptoms of low inventory being people who want to sell…to upsize, downsize, or simply move…. but are unable to find homes to buy, so are not listing their current homes.   People leaving the area are often holding their investments as rentals, wanting to take advantage of increasing prices and rents.

The local population has grown, and continues to grow, by large numbers.  JBLM has more than doubled in size, the Lacey industrial park has brought thousands of jobs, and Boeing is selling lots of airplanes.  Several years ago a statistic was released by the local Association of Realtors stating that over 170,000 California driver licenses had been turned in to the State of Washington….The population is exploding.

While the population has grown, the building industry has been operating with one hand tied behind their backs.  The National Association of Realtors claims that as a country, we have underbuilt by between 5-10 million homes over the past 10 years.  Locally, I think the JBLM area real estate market is even further behind than the rest of the country.

The JBLM area economy and real estate market is growing for all of the right reasons.  The upside potential/potential for appreciation is very real.  It will take years just to catch up with today’s demand, and the population is expected to continue its current rapid growth.   I believe the demand will continue until this area looks like the other end of I-5.

*Location is the buzzword, and the real estate buzzword is “The Northwest”

If you need a place to live, please let us help you find your new home in Washington.   Stephanie Sharp, my assistant and daughter in law, spends 4-6 hours per day searching for listings for our clients.  She knows neighborhoods, and commutes, and will learn your likes and dislikes….she brings a personal touch to the search.  Let us know if we can help…

~Phil