Things are picking up in the Tacoma real estate market. It’s been a long ride since September of 2007 when the market really started slowing down. Tacoma isn’t a market known for volatility of real estate values. Rapid spikes in either direction are a phenomenon we generally associate with California. First we had several years of steep appreciation fueled by relaxed mortgage standards and low adjustable rate loans. Those same factors that lead us up the hill eventually led us back down. People’s rates reset, causing them to get behind in their payments. Foreclosures spiked here, like elsewhere, flooding the market with low priced homes. This along with buyer anxiety caused our sales numbers and values to slide for nearly two years. Hopefully the worst is behind us. The stimulus package included a first-time home buyer tax credit of $8,000 which is set to expire December 1st. It has helped sales, particularly with lower priced homes.


The Northwest Multiple Listing Service reported more home sales closed in Pierce County in July than in any month since August 2007. Nearly 21 percent more sales – of single-family homes and condominiums – were pending than were pending a year ago. David Gala and The Hume Group is cautiously optimistic at this point that the worst is behind us. Although mortgage standards have toughened, rates are still at historic lows. We are hopeful that Tacoma buyers will take advantage of these low rates, attractive prices and a plentiful supply of homes on the market from which to choose! If you would like to see what is available in your price range, give us a call!

 
Posted by Tom Hume on 08/09/2009 06:45 PM   Comments (0)   tacoma, market, sales ratio  
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Is the Stimulus Helping The Tacoma Market?
04/16/2009
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It does seem the $8, 000 first-time-home-buyer tax credit, part of the President’s stimulus package, has helped to stimulate the lowest price points of the Tacoma market, but the Developer of the 27th Street Station says they have not seen… more
Tacoma's Hilltop Neighborhood - A Renaissance
02/11/2009
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It has been amazing to watch the transformation of downtown Tacoma and neighboring Hilltop, so named because it is perched on a bluff overlooking downtown, Commencement Bay and Mt. Rainier. I remember seeing Hilltop on the show Cops in Tacoma at a… more
Surprising Development in Tacoma's Entry Price Point!
02/11/2009
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More Nums Pending Active Sales Ratio Overall 143 622 23. 0% Sub $200K 51 95 53. 7% $200-$300K 43 249 29. 1% $300-$400K 20 150 11. 7% $400-$500K 7 72 18. 5% $500-$600K 2 52 4. 5% $600-$700K 7 26 8. 3% $700-$800K 0 21 11. 8% $800-$1m 0 24 5. 9% Over $1m 0… more
Early Signs of Thaw?
01/10/2009
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New num's… Category… Pending… Active… Ratio Overall… 110… 628… 17. 5% Sub $200K… 38… 104… 36. 5% $200-$300K… 46… 212… 21. 7% $300-$400K… 17… 138… 12. 3% $400-… more
Break it Down
12/10/2008
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I had a few comments on my recent first post about Sales Ratios (absorption) for Tacoma and surrounding areas. I cross posted on my own website. Kym, who wrote me there, hit the nail on the head. The lower price points are moving better than the… more
Hey, Tom… How's the Market?
12/05/2008
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I get asked this question a lot. Rather than rely for my answer on gut feel alone, I like to continually understand what is really going. Out team has a nifty tool for that; the sales ratio. That sounds mathy, but the math couldn't be easier… more
 

Tom Hume

Tacoma, WA

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Windermere Professional Partners

Office Phone: (253) 759-7295

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