Our Regional Dominance is Poised to Grow Again
Just today, this article came into my inbox from the Seattle Times: Worst of both worlds for Seattle-area home shoppers: rising prices and not much for sale (July 7th, 2020.
You might be wondering why this got me so excited about renting real estate in Pierce County. Glad you asked. But first, a few details.
Blame the Coronavirus Pandemic
Prices are on the rise. Homes are selling faster than they have since early 2018. Bidding wars abound. And fewer homes are for sale than any time in recent memory, new data from the Northwest Multiple Listing Service show.
In King County, there were 47.5% fewer homes for sale in June than the same month in 2019…The drop in inventory is driving up prices and sending homes flying off the market in days. In King County, a typical home sold last month for $725,000, a 4.3% bump from last year, and a 7.9% rise from May.
Meanwhile, months of inventory — a measure of how long it would take to sell all the homes on the market at the current level of demand — dipped to just over one month in King County.
Two Thoughts
First, if this coronavirus taught us one thing, its that many more people can work remotely than we previously thought.
Second, as home prices rise and demand falls, more and more people who live in King or Snohomish County will take this chance and sell their homes to move to a more affordable place. Or, they will move to less expensive Pierce County and rent for a while they chart their next move.
All because coronavirus taught them that they could work from anywhere.
Spinnaker Property Management dominates the rental market in the South Sound Region. Our finger is on the pulse of one of, if not the, hottest real estate markets in the country.
When you partner with us, you are partnering with a team of professionals who know how to maximize a rare season like the one we are experiencing.
The Right Time to Call Us
Whether you currently own properties or are looking to add to your portfolio, DON’T WAIT! Call us and let us put our heads together to figure out how to maximize your profitability.
This is one of those times where investors need to ‘lead, follow or get out of the way.’ Spinnaker has decades of leading investors into profitability that leads to more profitability.
We are in a rare time, and I plan to maximize this time for the good of my clients.
We hope you become one of them.
