Puyallup Real Estate UpdatePosted by Brett Tousley on Friday, December 11th, 2009 at 5:17pm.
Puyallup Real Estate
Good News for Puyallup Home Sellers
Puyallup continues to show signs of life for potential home sellers hoping to take advantage of the current market and upgrade to a larger home. Puyallup home owners priced correctly in the $250,000 and under price range have a unique opportunity to sell their homes quickly and become a coveted "move up buyer" in the higher price ranges. While good quality, well priced, single family homes are selling briskly under $250,000 the higher price ranges are still loaded with great values. Many of these potential "move up" buyers will also benefit from the $6,500 tax credit as well. If your family has outgrown your current home, you might want to explore your options.
Puyallup South Hill single family home stats:
Sold Past 6 Months: 537
Median selling price: $225,000
Median days on market: 55
Puyallup Home Buyers
If you are a buyer sitting on the fence awaiting the "bottom" of Puyallup housing priced under $250,000, I think you missed it. I've been working with many home buyers in the Puyallup area over the past year and I can tell you competition for the best bank owned deals is really tough. We've even run into a couple of short sales lately with multiple offers on them. You need to be quick and have your financing in order to be successful in scooping up the best foreclosed homes.
The good news is that December and January are historically slow months in the Puyallup real estate market. Many buyers and sellers are busy celebrating the holidays and planning for the New Year. In years past, many sellers have removed their homes from the market which results in a decrease of the available homes on the market. I expect to see the pace of home sales slow a bit during this time, but buyers hungry for a good deal may want to reconsider holding off their search until Spring.
We're still experiencing record numbers of bank owned homes hitting the market in Puyallup. Unlike traditional home sellers, banks don't mind if you want to view their homes during the holidays. Most likely banks will continue to list their reo inventory of foreclosed homes throughout the Winter months. If buyer demand slumps in the last half of December and January, you may have more homes to choose from and less competition than in the Spring.
Is it the right time for YOU to buy a home in Puyallup?
That's entirely up to you and your own personal motivation for wanting to buy a home. Lower home prices, low mortgage interest rates and the $8,000 tax credit are certainly motivating many buyers. Provided we don't see an increase in mortgage rates, I expect to see a strong Spring market with a flurry of activity towards the end of the tax credit. If you choose to start hunting for a home, you'll have lots of company.
If it's the right time for you to buy a home, keep your expectations realistic. Buy within your comfortable price range and don't count on much, if any appreciation over 2010. Snap up the deals while you can, but make sure you are in it for the long haul.
Puyallup South Hill Single family home stats compiled from NWMLS data and prepared by NW Home Brokers.
Brett Tousley is the designated broker and owner of NW Home Brokers. He can be reached at 253-820-2745 or firstname.lastname@example.org
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