Greetings, Tacoma homeowners! I have been getting this question a lot recently, so I wanted to share my thoughts about the real estate market here and my opinion regarding this burning question on the minds of many in Tacoma right now…
Should I sell my house now, or wait?
I’m writing this at the end of 2022, and the housing market in Tacoma, WA is still a “Seller’s Market”. Home values are up about 12% since the end of 2021, and the median home value in this market is about $475,000. That’s us about $50,000 in one year.
You’re probably well aware that the other major change affecting the housing market is interest rates. Rates have more than doubled in one year, from around 3% a year ago to over 6% now.
When interest rates rise, your monthly mortgage payment goes up. If a buyer can afford a $2,000 house payment and rates go up, that reduces the price that buyer can pay for a house to achieve the $2,000 payment. Because of this, a rise in interest rates can push down the value of homes.
The good news is that the demand for houses in the Tacoma area is still very strong, despite the rise in rates. But we have to logical about this. Rising rates – especially if they go higher to 7-8% – can and likely will cool of the Tacoma market.
Will we see home values drop soon? I don’t have a crystal ball and cannot predict the future. But my feeling is that NOW is a good time to sell because values will probably not go up much more in the short term. And, there’s a good chance we could see LOWER home vales in Tacoma by the end of 2023.
It’s a Good Time to Sell Investment Properties in Tacoma
I think it is an especially good time to sell a property that you bought as an investment in the past – or perhaps a house that you’ve inherited. This is the best time to sell a property to get the most for it, but maybe not a good time to sell your primary home and buy another (because of the much higher rates).
As a result, we are looking for owners of inherited homes, rental properties, and others where the owners want to turn those assets into cash while market values are high. Houses that need major repairs and renovations are a great fit for our solution – we prefer to buy houses where we can add significant value and create a great retail product for home buyers.
If you’re thinking of selling a house in Tacoma and you want quick cash, no hassles or fees, and no need to make expensive repairs – let’s talk! We can give you a quick no-obligation cash offer. We Buy Houses Tacoma is the perfect solution for seller in a hurry that wants the least hassle. And right now might be the best time to sell your house in Tacoma. I look forward to speaking with you!
WeBuyHouses.com is The Easy Way to Sell Today™
