Hello from all of us at Tend Real Estate!
Our wish is that you can rest, relax, and enjoy these last few weeks of the season and this decade… Have you wondered what the new decade will bring? We have for sure. We can accurately forecast the next 6 months and fairly accurately predict through the next 18 months with some level of certainty. I (Troy) do not pretend to be an economist, and I have seen a thing or two through the years being in real estate. 2000 was the dot com bust… accentuated by the tragic events of 9/11/2001. This unified the country and surprisingly we saw an economic boom season shortly after. The economic rise was somewhat fueled by the housing market which was seeing double digit gains in appreciation and double digit (fraud) trouble on the mortgage side of the business. All that convoyed in the “great recession” starting early in 2007 where we saw some major institutions fall (WAMU locally) and showed signs of recovering in 2009. Here in the PNW, we didn’t see a recovery in housing until mid 2011.
So what does the end of this decade bring? We saw a blip in the real estate market mid year 2018 through the first part on 2019 where inventory levels were higher than they had been over the past few years. Everyone was saying recession is near. However, the new forecast is that inventory levels have been on a decline since mid 2019 and the delta between available properties and active buyers is less and less. The good properties are selling within days, and we’ve seen multiple offers appear again even though new inventory has been coming on the market. You currently don’t need to be the “bride” to sell, but you do need to be in the wedding party. This means fix those things that need fixing… pack it away, paint if it needs it. Clean and tidy wins the day..declutter! Maybe you don’t need to fully remodel the kitchen but you do need have those projects completed – those things standing in the way of someone else living in your space.
Below shows the historical data moving into 2020. It’s a great time to sell! If you are a move-up buyer who also happens to be a seller, we have not seen a better time for you to transition. Great to be a seller coupled with fantastic interest rates if you need to borrow money. Wonderful news for buyers: interest rates will continue to be low entering into 2020 and you will see more inventory come on the market 1st and 2nd quarter. Don’t be ill prepared though! Please reach out to us here at Tend Real Estate. We survived… no actually we have THRIVED this last decade amid messes of uncertainty, this is largely in part because we have stayed focused on our goal, which summed up is “Making you better off than you were before you met us”. (Please discover our 5 point difference.) We love referrals, so please do let us know who you know that is considering buying, selling, or investing this next year. It’s a great time to do so. We are excited for this next decade. We appreciate you!
Hugs and Blessings in to 2020! ~ Troy, Chris, Samantha, Deanna, and Julie here at Tend Real Estate.
Merry Christmas and Happy New Year!