Spring is here and so is the real estate activity in Puyallup. After a dismal 2008 and a rough start to 2009, it seems that buyers are beginning to come out and actually purchase homes in Puyallup. Granted a majority of the sold homes in the past month are bank owned or short sales, the increase in activity is a welcome sight.
The biggest indicator of the increase in real estate activity is the number of pending sales in Puyallup, 143 as of this posting for the past 30 days. Compare that to 68 pendings in March of 2009 and 86 pendings in April 2008.
Now the question is how many of those will turn into SOLD properties. The ratio of pendings to solds has dropped in the past year, due to a number of factors, mainly financing difficulties. As underwriters of the loans continue to enforce strict guidelines, conditions imposed make it more challenging to close on a transaction. Appraisers are also under much scrutiny, so they are being more cautious with value estimates.
Overall, the indication is that we are either in the late stages of the down curve or the early stages of recovery. Either way, is appears we are near the bottom and it is a good time for qualified buyers to catch a good deal with low interest rates in Puyallup.
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