The latest numbers are out and the median home price in Pierce County is now $397,000. What does this mean? Well if you are buying a house it means one thing. If you’re selling a house it means the complete opposite. Let’s dive in.
Buying a house in Tacoma when the median home price is $397,000
For buyers looking for homes under $600,000 in Tacoma in 2020- there are not enough homes on the market in Tacoma for you to buy. Inventory dropped 40% from December 2018 to December 2019.
If your goal is to buy a house in Pierce County under $600,000 in 2020 pick a buyers agent who works in the neighborhood or city you’re focussing on. Out of area agents are disadvantaged in multiple offers right now. The market is moving fast and you want a buyer specialist who works in your neighborhood and price range so you don’t give up any concessions you don’t need to or accidentally overpay.
Buyers in Tacoma and Pierce County planning to spend less than $600,000 should interview potential agents and make sure they hire only the BEST agent (they need to be prepared to craft a competitive offer AND be highly responsive in this rapidly changing market). Pick someone experienced in your ideal neighborhood or city who you like and trust. For more of my advice on this check out the blog post, “How to pick the best Tacoma real estate agent for you.“
Selling a house in Tacoma when the median home price is $397,000
If you OWN a home valued under $600,000 in Tacoma right now and are considering selling- whelp- you’ve probably heard from me. Because the market desperately needs your house. All of this in addition to the fed slashing interest rates again is good news if you’ve been thinking about “moving up” to a home you’ve been dreaming about or moving out of area.
For sellers in Pierce County with homes valued below $600,000, the chance of selling right now is over 200%! (This means there are 2 times more buyers than there are sellers right now.)
For sellers with homes *above* $600,000, the chance of selling is just over 100%. (This means that there are still more buyers than sellers, but it’s not quite as intense. The chance of negotiating a better deal is a little higher here.)
So wait what do I do now?
If you’re a normal buyer with a normal Pierce County income you need to be MORE prepared and have the most experienced agent to land a good house in Tacoma under $600,000 right now. There are two times as many buyers as there are homes to buy.
If you’re a Tacoma homeowner who has a house under $600,000 to sell now is the time. If you stage it, prepare it, and price it correctly there will be a frenzy to purchase it and you can move up into a new house above $600,000 where the market is moving much more slowly.
If you have questions about what’s happening right now or would like advice or an introduction to a Tacoma agent that specializes in your neighborhood and type of home- that’s what I’m here for. Contact me!
