2010 Home Sales In Gig Harbor, Port Orchard, Silverdale, Kitsap County WA
I recently gave my opinion about Home Sales in 2010 for Gig Harbor and Kitsap County WA on our website's blog Healthcarehomebuyer based upon a CNN Money article which recently came out forecasting home price increases in 20 cities across the United States. Surprisingly of all places predicted to have the an increase in the median price of homes by 3.9% is Tacoma, WA. The article also predicted a 4.7% increase in the median price of homes in Bremerton, WA. I often wonder where many of these housing market prophets get their data from. I, just like everybody else, would like to be hopefully optimistic that the real estate market in Puget Sound will quickly start to improve, but with so many short sales and bank owned homes driving down prices, it seems to me a bit optimistic to expect such significant home price increases in 2010.
Real Estate in Gig Harbor, WA, which has some of the higher priced homes in south Puget Sound (Tacoma area), is still facing significant challenges for home owners trying to sell their homes. I'd say the average price that homes in Gig Harbor have been selling for this year compared to the same time last year has dropped an average of 10%. From the standpoint of buyers, that's great news. Some of my clients who were home buyers over the past year have made a killing on their purchases. Just as an example, one home listed for $1,295,000 (after already being reduced by $100k) was sold for $1,000,000, which is 23% less than the listed price. Another home originally listed for $950,000 was sold for $700,000, 24% less than the originally listed price. And finally a home listed for $749,900, (originally listed at $849,000) will close next month for $640,000, a modest 15% less than the already reduced list price.
Right now I love working with clients who are buyers. You can just about ask for everything including the kitchen sink from sellers and get it. Working with my clients who are selling their homes is a different story. It's a real challenge getting home sellers to accept that the sale price of their home is pretty close to 2004 home values. The question I always ask them is "Do you want to sell your home or just keep it listed?" When trying to educate them that they need to list their home at a price where it is one of the top three best buys in their market (comparing apples to apples) in order to get their home sold within 90 days, the common response I get is that any offer is going to be less than what they list it anyway because it is a buyer's market. What I tell them is that if they are one of the top three best priced homes, they will get pretty close to what they are asking in a lot shorter time, than starting out high and eventually reducing the price over the course of a year. Trying to separate the emotions of sellers when trying to make a sound business decision, often requires more expertise in psychology rather than real estate. For more informative articles on real estate, please visit our website Healthcarehomebuyer.com. Anthony Sideris.
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