Current Market Trends
With the third quarter coming to an end it’s time to look back and discuss some of the most important National Market Trends affecting the Washington real estate market as well as the industry as a whole. It’s no surprise that the whole country is still struggling to recover from the economic downfall and the real estate housing bubble from 2008-2009. Although there have been significant gains made in the majority of the United States others are having a hard time keeping up and staying afloat. This is mainly due to homebuyers who don’t trust the market and individuals who are staying put and avoiding risks in order to protect themselves from a similar financial crisis.
Many programs have been put in place to ward off housing bubbles and a similar financial situation, but it’s always better to be safe than sorry, which is exactly why the real estate market is recovering at such a slow pace. Washington state’s housing market rebounded from its low first quarter performance and the annual rate of existing home sales rose more than six percent in the second quarter of this year. The increase from the first to the second quarter is very important, however year over year activity is still down across the entire state.
Apart from homebuyers not willing to take risks on the market another big factor in the slow recovery is the fact that there is a huge lack of inventory on the market. This is more pronounced within the state’s major metropolitan areas and you may have noticed that there aren’t as many Pierce County Homes for Sale available on the MLS.
In other news, monthly foreclosures across the United States increased by seven percent in August. This is the first time foreclosures increased since 2010. The good news is that while the number is up from last month, it is still down nine percent from a year ago. This statistic shows that although the foreclosure crisis is well behind us, the messy business of cleaning up the distress from the lingering housing bust continues in many markets. This also suggests that mortgage lenders are finally adjusting to the new standards for proper foreclosures that have been implemented in may states by legislation, litigation or both.
Why Pierce County is a Great Place to Buy
Washington is among the fastest growing states in the country and Pierce County grows in population at the same rate as the entire state itself. This is because numerous individuals are attracted to the lifestyle, job opportunities, attractions and more that the area has to offer. It’s easy to make the move and to settle into an apartment in the area and there are numerous opportunities available for individuals who are not ready to buy a home. For residents who are ready to purchase a property it’s important to understand Why Pierce County is a Great Place to Buy.
The market in Pierce County is recovering just like the rest of the country, however the inventory is more stable here and pricing is also on its way to becoming more stable. A rise in home prices could be seen only if more individuals relocate to the area and the population increases. The biggest variable for the future of the real estate market in Pierce County will revolve around the inventory of homes that are owned by financial institutions or by owners who are reluctant to sell at a loss.
Move to Pierce County
Are you considering making the Move to Pierce County? You are in for a treat. This wonderful city is known for its outstanding coffee, outdoor recreation, entertainment, culture, beautiful landmarks, prominent attractions, outstanding job opportunities and a stable housing market. Whether you are a veteran visitor to the area or a newcomer you are sure to fall in love with the city and all that it has to offer.
If you would like to learn more about Pierce County, the local real estate market, current listings or more information about relocating to the area check out the Resources page for helpful links and information. You can also contact me with any inquiries and questions that you may have. I would be more than happy to assist you will all of your real estate needs, show you around the area, help you browse through current listings and visit open houses and answer any questions you may have about Pierce County and the wonderful communities and neighborhoods. I look forward to hearing from you soon!
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