The $300K price point in the Tacoma-Pierce County area has become one of the most popular ranges to buy or sell.
Finding a home in “turn-key” condition in this area was recently very hard to do. Since prices have come down there are now many good options available. Finding a 3 bedroom 2 bath home with a nice yard and a garage for around $300K is no longer a crazy request.
In a recent search I was able to find 10 – 15 really nice homes in DuPont, University Place, Lakewood, and Fircrest right at the $300K mark. Even Steilacoom has some affordable options these days. These homes were on the market for an average of 75 days and all started out asking around $320K. In the last two years it is safe to say that these homes would have started out asking around $350K and would have easily sold for more than $320K.
What this means is many people can get much more for their money. Also, these homes have demonstrated their ability to sell in higher price points with different market conditions. When that climate returns your investment will grow with it.
I’ve noticed many properties that were on the market last year for $340K plus are now being listed at the $300K number. Nobody knows when the market hits bottom…It actually might have already happened….The market will display its bottom only after it truly hits and is back on the rise. Consumers will see this trend and learn the market bottom behind them. We have seen homes in this area sell for more than they are listed for now. Buying at this time will allow you the opportunity to be ahead of the curve. What was unattainable as little as 1-year ago is now a reality for many people taking advantage of this current real estate market.
Steve Sloboda is Associate Broker at Windermere Real Estate/Paragon Co. in the University Place office. Steve lives in the Oakbrook neighborhood of Lakewood with his wife Amity, and their two young children. For more information or to contact Steve direct please go to www.stevesloboda.com.