Tacoma – Today’s Real Estate Market Report and Housing Market Predictions 2020
Can I Skip My House Payment?
What About Me?
Buyers are back in action. Just two months ago, things nationally were at a slow down. We’re seeing multiple offers and bidding wars on a lot of properties. Home prices are going up, both nationally and locally, here in Tacoma and surrounding areas due to the high demand. Buyer traffic is increasing here in the west as much as 20.9% more than last year. The same is true as sales, as compared to this time last year. Sales are up nationally as much as 10.8%
George Ratiu, senior economic advisor for Realtor.com says, “The nation is struggling with an under supply of housing.” The number of homes for sale are poised to reach historically low level. Nationally, we only have about two to three months worth of inventory of homes for sale, meaning it would only take two to three months to go through all the inventory of homes for sale on the market. Inventory hasn’t been this low since 1993. How does that affect the market nationally and right here locally in Tacoma market and the surrounding communities? Well, with less houses on the market and more buyers to buy, that generally means that prices are going to increase.
The other thing important to note is that interest rates are anticipated to continue to go down. Barry Habib, one of the most accurate real estate forecasters predicts that interest rates are going to continue to go down, maybe even reaching 2%. We’ve also got the election coming up and these factors can also contribute to lower interest rates. That means that the markets should stay strong, so it’s time to take action.:
If you’ve been sitting on the fence thinking that house prices were actually going to go down, it doesn’t look like that’s going to happen, and if you’ve been thinking about selling with the lack of inventory, now’s a good time.
So, if you have any questions, anything real estate related or community related, we at the Anne Curry Homes are here to help. So do me a favor. Feel free to reach out. We love what we do. We love our city, and we love our community and we would love to serve you.