Listing BlogsPierce County Housing ReportsSouth TacomaTacoma September 10, 2015

Turn Key Five Bedroom Rambler with a Finished Basement

6207 S Cheyenne St, Tacoma

The Essentials:

2,356 Sq. Ft. 

6,720 Sq. Ft. Fully Fenced Lot 

5 Bedrooms / 1.75 Bathrooms

2 Car Detached Garage with Alley Access 

Offered for $229,900

Click here to view the listing

As you enter into the recently refreshed five bedroom home you are greeted by brand new carpeting, continue into the brand new kitchen with elegant dark wood cabinets, stainless steel appliances, and slab granite counters. You will love entertaining your guests in the open concept mainfloor. 

Easy to maintain engineered hardwood floors are thoughout the kitchen and fresh interior paint, all you need to do is move in and enjoy! 

Just past the kitchen is a super convenient covered deck! As the weather begins to turn and fall approaches this is the perfect spot to enjoy a casual meal or fire up the BBQ while staying out of the rain. 

There is a full bathroom on the mian floor that has also been updated with a contemporary tile tub surround and coordinating vanity. There are three spacious bedrooms on the main floor all with brand new carpeting. 

Downstairs you'll find a huge rec room with plenty of natural light that leads out to the backyard via the glass slider. This is the perfect media room, playroom, or spot for your in-laws. There is also an updated combined 3/4 bathroom and laundry room  and two bedrooms on this level. 

Outside you'll find a detached 2 car garage that is accessible from the paved alley! The fully fence yard is perfect for playing and provides privacy. 

Nestled in ultra convenient South Tacoma minutes from Meadow Park Golf Course where you can play a 18-hole round on their championship course, a quick 9-hole round, or practice on their driving range. If you're taking the night off a chef you're blocks away from Montezuma's Mexican Restaurant where you can enjoy fresh squeezed margaritas and authentic Mexican cuisine. It's a short trip to Starbucks on S 56th St, you could even walk your four legged companion there! Being minutes from I-5 and Hwy 16 make commuting a breeze, it's only 20 minutes to Joint For Lewis McCord

 

Click here to schedule a showing

 

 

 

LakewoodListing BlogsPierce County Housing Reports May 7, 2015

Secluded English Cottage Just off Lake Steilacoom

 

10223 Green Lane SW, Lakewood 

The Essentials: 

1,558 finished Sq. Ft. 

784 Sq. Ft. Unfinished Basement

11,085 Sq. Ft. Lot 

3 Bedrooms / 2 Bathrooms 

1 Car Attached Garage + 2 Car Attached Carport 

Partial Steilacoom Lake View

Offered for $299,900

click here to view the listing 

Enter into the light and bright living room of this darling, well cared for English cottage. Proudly sitting on a secluded cul de sac steps from Steilacoom Lake this 3 bedroom / 2 bathroom home is bathed in natural light and charm. 

Continue into the dining room complete with period details such as the gleaming hardwood floors and built ins. Your guests can enjoy gazing out at the landscaped backyard while you prepare meals. 

Light and bright kitchen with sunny tile countertops and backsplash. Crisp white cabinets and appliances complete the look. If you prefer to let other's doing the cooking there are plenty of local options at Lakewood Town Center which is only a 1/2 mile away! Ride your bikes up for some ice cream at Cold Stone Creamery or grab dinner at Red Robin before taking in a movie at AMC Lowes Theater

Upstairs you will find a lovely master suite overlooking Steilacoom Lake. Unique and interesting spaces with plenty of room for a sitting area this is a wonderful private retreat. 

The attached full bathroom has been updated and is cleverly tucked away. There is an additional finished room across from the master suite which could be a perfect nursery, artistic retreat, study, walk in closet or…? The possibilities are endless! 

Downstairs you will find two more large bedrooms that overlook the landscaped yard. 

Step outside onto the charming patio and fire up the grill or smoker just in time to enjoy the fabulous PNW summers. Pick up your favorite cut from AA Meats, a local butcher shop serving the community since 1955. 

Spill out onto the fully landscaped yard and enjoy a game of lawn bowling or bocce ball. There is also a well equipped play station for the small ones! 

A closer look at the play station! Why leave home when you have this in your backyard? 

Side view of the handsome English cottage. There is tremendous storage in the basement garage, and the carport keeps your vehicles out of the rain or could be an ideal spot to park your boat. Dropping anchor in Steilacoom Lake is a breeze with Edgewater Park only a mile away! There is a plethora of outdoor activity options within a few miles of this home. South Puget Sound Wildlife Area encompasses 90 acres and is now the Lakewood Fish Hatchery. Head to Fort Steilacoom Park to enjoy their expansive trail system, to let your little ones play on the impressive fort like playground, or to let your four legged companions enjoy the off leash dog park. You're also within minutes of three golf courses that offer entirely different golfing experiences. Fort Steilacoom Golf Course  is the perfect place to begin with a 9 hole course with an option to play 18! Meadow Park Golf Course has been a fixture in South Tacoma for nearly 100 years and offers a 18 hole course as well as a family friendly 9 hole course. And of course, Chambers Bay, the site of the 2015 U.S. Open, offering a stunning 18 hole course with breathtaking views of the Puget Sound, and Olympic Mountains

Conveniently located 15 minutes from Joint Base Lewis McCord and a quick hop over to I-5 commuting is a breeze! 

 

 Ready to make this home yours? 

 

Click here to schedule a showing 

 

 

Pierce County Housing Reports April 23, 2015

First Quarter 2015 Pierce County Housing Report

We appear to be in for a wild ride in 2015 when it comes to the Pierce County Housing Market!  So how do you navigate it if you are a seller?!  What are the best strategies for a Buyer to get the home they really want?  I'll discuss that and more in this article but as always let's start with the Pierce County numbers as of March 31st.

 

Inventory – DOWN – 15.6%

Closings – UP – 13.1%

Median Price – UP – 8%

New Pending Contracts – UP – 53.7%

These Year over Year numbers tell us the market is hot, in fact the Months of Inventory (MOI) is at 2.7 based on last month's closed sales.  This is the lowest since Q3 of 2005. Anytime the month's worth of inventory dips below 3 months we have a market environment that favors sellers and encourages price appreciation.  Also, year over year inventory levels have been declining steadily in Pierce County so far this year.

The primary reason for these dramatic declines comes as no surprise…Pierce County home buyers have been busy!  There may not have been much snow in the NW mountains this year but our Pending home sales chart looks like a ski jump with Pending sales up 33% for Q1!  Inventory is the biggest key to how our market plays out for the balance of 2015.

 

So inventory is down and sales volume is rocketing. "If I want to sell my house I can ask whatever I want and buyers will flock to my door…right?!?"  Not so fast! The answer is…."It depends".  Turns out, like so many things in the world of statistical sound bites, there are some distinct differences in the experience you can expect as a buyer or seller depending on what price range you are in. Bear with me as I set this up.

 

There are 2 data points when evaluating a market that are, IMHO, the most valuable predictors of what to expect as a buyer or a seller.  One is the Sales Ratio; I explained the Sales Ratio in a blog last year, if you want to refresh you can link to it here .  In a nutshell 55% is a balanced market, the higher the sales ratio number, the hotter the market, and the more likely things are in favor of the seller.  The second number is Months of Inventory (MOI), with this indicator the lower the number, the more likely is that sellers are in control. Low MOI says at the current sales pace the market will "run out" of inventory if new properties don't come available or demand slows down.

 

Overall PC has a sales ratio of 64% and MOI of 2.7.  Both numbers tip in favor of sellers.  Combined with the trends discussed in my opening remarks you'd think it's time for prices to move higher across the board.  If you are working with homes under $500,000 you'd be absolutely right..you may even be accused of understating the situation, but if the home is over $500,000 it may require a closer examination. Take a look at the following;

 

Millennial buyers, first time buyers, investors, and more are super heating the market under $250,000.  I would argue that a 90% sales ratio is not even sustainable, prices have to increase to temper the demand and allow the inventory level of only 1.9 months supply to eventually come back in line. A buyer in this price range needs to choose a broker well networked and steeped in local knowledge. One that is plugged into technology that receives quick market alerts and is accessible; able to move quickly for you when good properties come available. In this price range the broker needs to be able to advise you on how to groom your offer for greater likelihood of acceptance without giving away important rights you need as a buyer and ensuring your transaction is financially safe.

 

Conversely, between $500,000 and $1,000,000 a 21% Sales Ratio and almost 8 months of inventory is not a market condition that pushs prices up. Sellers here need to carefully evaluate their pricing strategy based on sound data that their broker can provide.  If the Pierce County home is in the higher end, they are likely entering a market crowded with competition and it is worth considering the Impact of Price Visibility as shown on this chart;

The other take away I see in these numbers is the fact that if you're worried about finding your new dream home after selling the one you're in now, it may not be a concern if you are moving up into a larger or more deluxe dwelling. 

 

In this ever dynamic market, sound professional advice and guidance is key to your real estate success.  One newspaper or newscast headline does not fit all, and without local expertise with real time data it is easy to mis-step in such a fast paced real estate market.

 

 

Listing BlogsPierce County Housing Reportsuniversity place March 13, 2015

Turnkey 3 Bedroom Rambler in University Place School District!

7617 33rd St W, University Place

The Essentials: 

1,388 Sq. Ft. 

7,015 Sq. Ft. Lot

3 Bedrooms, 1 Bathroom

Fully Fenced Private Yard 

Offered for $220,000

click here to view the listing

 

"We take a lot of pride in this home and we made so many wonderful memories. We hope the next owners fall in love with it the way we did." Andy P., current homeowner 

Warm mid tone hardwood floors greet you upon entering the open concept University Place home within the University Place School District. The large front window bathes the dining room in soft natural light. 

The dining room flows effortlessly into the living room. The certified woodstove has a beautiful slate tile surround and will keep you cozy all year round. Head South on Bridgeport to the University Place Library to pick up the latest from the New York Times Best Seller list to curl up with in front of the fireplace. You could even walk there; it's less than a 1/2 mile away. 

Through the French doors you will find a spacious bonus room. This flex space could be the perfect media room, playroom, study, or…? The possibilities are endless. 

Crisp white cabinets keep the kitchen light and bright. Gorgeous granite tile counters add elegance. Peer out the kitchen window while cleaning up to see what's happening in the private backyard, or keep an eye on the living and dining room activities through the pass through while preparing meals. One of the things the current homeowner will miss most about this updated home is, "The open layout of the home allowed for growing a family and hosting gatherings."

With it's ultra convenient location grocery shopping is a breeze. Trader Joes, Safeway, and Albertsons are all less than a mile away. If you're looking for a specialty grocer Harbor Greens Market is a few blocks away and the highly anticipated construction of Whole Foods is underway! Or, take a night off as chef and enjoy a margarita and street tacos at El Toro, a local favorite. Head towards the water on South 19th St and sit on the deck of Boathouse 19 overlooking the Tacoma Narrows Bridge and watch the sunset into the Puget Sound. 

The large laundry room provides ample additional storage and a utility sink that is great for cleaning up after working in the garden!  

The level, fully fenced, and private, backyard with mature landscaping provides a lovely retreat while never leaving your backyard. BBQ under the covered patio no matter the weather! Spill out into the yard and enjoy a game of bocce ball or yard bowling. 

The landscaped backyard awaits your green thumb! Storage shed for your garden tools and raised beds to grow your own fresh fruit and vegetables. Willow Tree Garden and Interiors has endless options for adding new plants to the landscaping or finding that perfect gift you have been searching for. 

 

This Turnkey University Place home won't last long with it's open layout, landscaped fully fenced yard, and convenient location. 

 

Click here to schedule a showing

 

Learn more about University Place by watching the video below 

 

 

Pierce County Housing ReportsTacoma January 15, 2015

U.S. Foreclosure Filings Down 18% from 2013 level

In 2014 the U.S. foreclosure filings dropped to 1 out of 118 housing units. This is the lowest it has been since 2006. Read more here. Curious how this affects Pierce County Housing? Call or email me to find out! 

Pierce County Housing Reports January 7, 2015

2014 Median Home Prices Up Almost 10% in Pierce County!

2014 Median home prices in Pierce County are up 9.76% from 2013. John Gillie with The News Tribune goes into detail here

Listing BlogsPierce County Housing Reports September 18, 2014

Post Summer 2014 Pierce County Housing Report

 

 

 

 

Evidence of Slowing Appreciation and Reversion to Normalcy.
Also, how King County's trending may soon affect our local market.

 

Markets Continually Seek Balance  The Pierce County Housing market as measured by August 2014 numbers gives us a clear indication it is efficiently balancing and allowing home buyers and sellers to participate with predictable results.

 

Inventory – UP +11%

Closings – Down -02%

Pending Sales – UP +21%

Months of Inventory – UP last year +3.2 this year + 3.6

Median Price – UP +5%

With inventory at 4,282 units it is the highest it has been all year. In fact it was December 2011 since we had that many homes for sale in Pierce County.  At that time we were steadily coming off the crazy high level of inventory that was the result of the housing crisis which peaked in August of 2007 at 9,022 units for sale. So how much inventory should we have?  To have a balanced market, we need 3-5 months worth of inventory.  In the last 14 years, which includes pre and post bubble markets, Pierce County has sold an average of 11,766 homes per year. Using that average we have 4.4 months inventory. Pendings are up 21% as we close out the summer so we may exceed 12,000 units with a strong finish in 2014. 

The peak of the Pierce County price index was 7 years ago!  It has taken a long time to work through the huge impact of the housing market spinning out of control.  Prices fell consistently for 5 years until reaching bottom in February 2012 and as of this month we are 39% up from that low! We've seen peak inventory levels as mentioned above when we had as much as 12 months worth on inventory and we've seen shortages like in March of 2013 with only 2,800 units for sale.  It is refreshing to be at or near a normal inventory level!

Our recovery experience is comparable to other parts of the country.  This CoreLogic map shows the State of Washington still 10.8% below it's peak market levels compared to other parts of the country that are either fully recovered or, like hard hit Nevada, still down over 37%. Ouch!  It's always a good idea to break the numbers down to more localized evaluation and in this case I can tell you Pierce County is still 18% below the peak.  What's interesting is Pierce County is at the same price level as June of 2005 while King County is at June 2006.  With King County that much closer to the all time high, doesn't it seem logical that more of those buyers will be exploring Pierce County?

The road ahead.  The Home Price Expectation Survey is a nationwide panel of over 100 economists, real estate experts, and investment or market strategists. I like this report because it is not the opinion of just one market expert, but a cumulative average of over 100 experts. Their 3rd quarter report is out and the graph is posted here.  If Pierce County continues to generally follow the pattern of the rest of the country we will see cumulative appreciation of over 18% by the end of year 2018.  This would put the Pierce County median price at about $280,000. 

If you're a buyer in this market you can make your purchase decision with confidence  that you're making a good long term investment.  If you're a seller it is nice to know there is a balanced market with predictable fundamentals  and a pool of buyers you can strike a deal with!

Pierce County Housing Reports May 12, 2014

Pierce County Real Estate continues to lag behind King County

The Pierce County real estate market continues to lag behind King County, but there is light at the end of the tunnel and values are approaching 2004 – 2005 levels. For more details see the full article that was on yesterday's front page of the News Tribune. 

Thousands in Pierce County trapped in underwater mortgages

Read more here: http://www.thenewstribune.com/2014/05/11/3189519/many-in-pierce-county-are-trapped.html#storylink=cpy