Build up to our spring housing market in Kitsap County

Spring is on the horizon and the super bowl is over so now it is time to try to get a sense as to what our spring home market will be like.

Here are some of the pieces that I believe will fuel a healthy market this year:
1) Seattle market has low inventory. Their home values will begin to escalate before ours. They will reach a point that will encourage buyers to look west for more value for their dollar.
2) Kitsap prices though still falling in many categories are beginning to stabilize; waterfront - still settling, $200,000 to $325,000 - stabilizing and beginning to go up due to low inventory.
3) Interest rates continue to remain lower than we have seen in 50+ years. (this equates to buying power)
4) It appears more government programs are on the horizon to encourage banks to work out mortgage modification with financially challenged home owners....this may help to keep some of the REO properties off the market, which will help remove low sale price offsets and reduce inventory.

All in all, if you are going to be owning your next home for 4 or more is a good time to buy.

1 comment:

Shiela Harroway said...

I totally agree with you that now is the time to buy. The economy and property prices has nowhere to go but up. Real estate are at its lowest now so if you have the money, go on ahead and buy for it's the perfect investment.

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