Recently REDFIN, Seattle based progressive real estate brokerage know-it-all, declared
“TACOMA – NATION’S HOTTEST HOUSING MARKET”
This will be no surprise to those of you who have been searching in vain to purchase (or rent, for that matter) a home here in Tacoma, our humble, blue-collared “City of Destiny”, and is in STARK CONTRAST to the newspaper headlines from just a few years ago:
“…biggest decline in median home prices in 35 years!”
News Tribune 10/27/2009
“Homes lost to foreclosure jumped in August. Banks repossessed 95,364 properties last month, an increase of 25% from just 1 year ago.”
Seattle Times 9/17/2010
“Home prices keep dropping across Washington state. The statewide median price was down 8% from 2010 to S219,700… the lowest since 2003.”
News Tribune 2/12/2012
“Nearly 1/4 of homeowners owe more than their homes are worth.”
USA TODAY 6/2012
We had sunk so low, yet now, 10 years later, we have shot up so high! But why… what happened?
QUESTION – Why is lowly Tacoma now on top?
ANSWER – Because of Seattle’s ridiculously high home prices!
“People are fed up with Seattle’s high housing prices that only high paid techies and Amazon execs can afford.”
(the Red Roof short answer)
Ahhhh… people are feeling fed up with Seattle… so it’s an emotional thing, and understandably so. For what is more full of feelings than having a home of your own?
The numbers tell it all:
Seattle median home price – $600,000
Tacoma median home price – $370,000
WELCOME TO TACOMA… HALF-PRICE CITY!
Consider the Tacoma facts to see the challenge associated with half-price housing:
Inventory – DOWN 12%
Prices – UP 6%
Homes selling within 2 weeks – 50%
Homes selling OVER asking price – 50%
So you see that unfortunately it’s not as simple as hopping onto 1-5, cruising 30 miles South to Tacoma on a sunny Sunday and driving around with the top down to look at all of our oh-so-very-affordable charming houses.
Yes, getting a good deal in Tacoma is going to require a “good deal” of persistence and patience but saving several HUNDRED THOUSAND DOLLARS makes it worth it.