Month 5 of Covid Real Estate

It has been amazing to see how Covid 19 has steered our Northwest Real Estate market in just 5 months. As most of you know, lack of supply, low interest rates and high demand have combined for a perfect storm of crazy when it comes to buying or selling real estate. Here are a few of my observations both macro and micro.

WHY ARE PEOPLE BUYING?

  • First time homebuyers are looking for a “space of their own”.
  • Move up buyers are looking for more sq footage. They may want outdoor space, need areas for home schooling + office space or they might be moving family in.
  • The increase of work from home options are allowing former commuters to move to more affordable areas.
  • The lowest interest rates in history are giving buyers a little more purchasing power.

WHY ARE SELLERS SELLING (OR NOT)?

  • When you can suddenly work from anywhere, you can move closer to family or away from the city.
  • Fear is an obvious factor. Some sellers see this as an optimum time to sell high because they fear a drop in the housing market.
  • Some sellers are fearful of having anyone in their house and therefore selling their house is not an option.
  • Landlord laws have changed drastically even before Covid. Many former rentals can be sold quickly for high value.
  • Flippers have jumped back in to the local market. Homes are being rehabed and resold in as little as 3 months.
  • Job security – small business failures will unfortunatly drive Northwesterners to more affordible areas.

WHAT’S HOT – WHAT’S NOT?

  • McMansions are making a comeback.
  • Additional Dwelling Units are a desirable feature in homes.
  • The permit requests for building either ADU’s or Cottage Homes are up.
  • The vacation / second home market is booming. Buyers are looking for places to “stay-away”, “get- away” or invest in.
  • Reverse offers – an old sales tool where the buyer makes an offer to a seller allowing the seller to set the price and terms prior to a buyer seeing the property.
  • Condo’s in certain areas of Seattle are a HOT buy.
  • Condos anywhere with an internal air circulation system will become more difficult to sell.

WHAT’S NEXT?

  • Election years alway bring with them a pause in the real estate market.
  • There is no reason to think that local real estate prices will go down.
  • There is every reason to think that supply will stay low.

 

Beautiful home in University Place

5210 76th Avenue Ct W, University Place, WA 98467 (MLS # 1649452)

(all data current as of 10/23/2021)

Listing provided by RE/MAX Northwest Realtors, sold by Better Properties Summit

Price $679,000
Beds 3
Baths 2 Baths
Home size 2,248 sqft
Lot Size 11,309 sqft
Days on Market 49
Status Sold
Listing provided by RE/MAX Northwest Realtors, sold by Better Properties Summit
RAMBLER - GATED COMMUNITY OF BERKSHIRE! This graceful custom built rambler will feel like home the minute you walk through the door! Functional floor plan includes Master Bedroom & office in one wing - 2 bedrooms & full bath other. Formal living and dining rooms + large open kitchen/family room combo leads to an amazing private back yard that provides a welcome oasis year round. This "right size" subdivision in the heart of University place offers convenience and safety.

Property Type(s): Single Family

Last Updated 10/16/2020 Tract University Place
Year Built 1997 Community University Place
Garage Spaces 3.0 County Pierce
Total Parking n/a

Schools

School District University Place
Elementary School Sunset Elem
Jr. High School Curtis Jnr High
High School Curtis Snr High

Additional Details

Lot 0.2596 acre(s) Area 33 - University Place
HOA Dues 98 Sewer Available,Sewer Connected
Stories 1 Subdivision University Place
Taxes 8046 Utilities Cable Connected,High Speed Internet,Natural Gas Available,Sewer Connected,Electricity Available,Natural Gas Connected
Water Public

Features

Air Central A/C
Air Conditioning Yes
Appliances Dishwasher, Disposal, Dryer, Microwave, Range/Oven, Refrigerator, Washer
Basement None
Construction Stucco, Wood Products
Exterior Cable TV, Fenced-Partially, Gas Available, Gated Entry, High Speed Internet, Patio, Sprinkler System
Fireplace Yes
Garage Attached Garage, Yes
Heat Forced Air
Interior Bath Off Master, Central A/C, Dbl Pane/Storm Windw, Dining Room, Fireplace in Mstr BR, French Doors, Hardwood, High Tech Cabling, Security System, Skylight(s), Vaulted Ceilings, Walk-in Closet, Wall to Wall Carpet, Wet Bar
Lot Description Curbs, Paved, Sidewalk
Master on Main Yes
Style 10 - 1 Story

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

(view all details for MLS #1649452)

https://drive.google.com/file/d/1ERKBwtKfott-CvgbRy39A8pQqR0vYKMx/view?usp=sharing