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Is the Puget Sound Real Estate Market Going Crazy?
MP4•Beranda episode
Manage episode 154994105 series 1142502
Konten disediakan oleh Josh Pemberton. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Josh Pemberton atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang diuraikan di sini https://id.player.fm/legal.
Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report
Today I’m going to be giving you a real estate market update for the Puget Sound area. I have a few concerns about the market and I will be addressing them here.
You need to understand that at this time last year, the average sale price in Puget sound was $521,000. This year it is now $615,000. That is 14% appreciation in one year! That’s almost unheard of. That’s a change of $236 per sq. ft. and now we’re closer to $270.
These multiple offer situations are driving home prices through the roof. When cash buyers come in, they don’t need to get an appraisal done on the home, so the appraisers have no chance to value the home. This is causing home values to rise unchecked. Foreign investors are also bringing in a lot of money to the area, and these people often have deep pockets.
Appraisals keep checks and balances on the real estate market, so how are we going to handle this problem?
If you’re a buyer, please understand that this is normal. We’re seeing levels rise to where they were at the peak of the market, so you’re not getting ripped off. However, be wary when you’re fighting 15 other people for a home and the price escalates rapidly. What I suggest you do is look at homes that have been on the market for 2-3 weeks. There will be less competition from buyers and these homes will be more affordable. Just make sure that they’re in good condition.
If you have any further questions, please don’t hesitate to contact me!
17 episode
Is the Puget Sound Real Estate Market Going Crazy?
Seattle's I Got Smart Real Estate Podcast with Josh Pemberton
MP4•Beranda episode
Manage episode 154994105 series 1142502
Konten disediakan oleh Josh Pemberton. Semua konten podcast termasuk episode, grafik, dan deskripsi podcast diunggah dan disediakan langsung oleh Josh Pemberton atau mitra platform podcast mereka. Jika Anda yakin seseorang menggunakan karya berhak cipta Anda tanpa izin, Anda dapat mengikuti proses yang diuraikan di sini https://id.player.fm/legal.
Buying a home? Click here to perform a full home search
Selling a home? Click here for a FREE Home Value Report
Today I’m going to be giving you a real estate market update for the Puget Sound area. I have a few concerns about the market and I will be addressing them here.
You need to understand that at this time last year, the average sale price in Puget sound was $521,000. This year it is now $615,000. That is 14% appreciation in one year! That’s almost unheard of. That’s a change of $236 per sq. ft. and now we’re closer to $270.
These multiple offer situations are driving home prices through the roof. When cash buyers come in, they don’t need to get an appraisal done on the home, so the appraisers have no chance to value the home. This is causing home values to rise unchecked. Foreign investors are also bringing in a lot of money to the area, and these people often have deep pockets.
Appraisals keep checks and balances on the real estate market, so how are we going to handle this problem?
If you’re a buyer, please understand that this is normal. We’re seeing levels rise to where they were at the peak of the market, so you’re not getting ripped off. However, be wary when you’re fighting 15 other people for a home and the price escalates rapidly. What I suggest you do is look at homes that have been on the market for 2-3 weeks. There will be less competition from buyers and these homes will be more affordable. Just make sure that they’re in good condition.
If you have any further questions, please don’t hesitate to contact me!
17 episode
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