“YOUR” Real Estate Questions Answered!
A month ago we launched our new video series to help home sellers know what to expect while selling. I asked you to send me the questions you have and boy did you come through. So today I will be answering a few of them. Please continue to ask as we will do this from time to time because we care about your thoughts regarding the current housing market. Let’s dive in!
1) Due to the pandemic do you think there will be a wave of evictions from rentals and foreclosures?
Answer: On the foreclosure side, it’s still too early to tell, but based on our local housing market, foreclosures will still be a small percentage of our inventory. For those homeowners who were under a “forbearance” with their mortgage during the pandemic, have either, already come out of it and are now current on their mortgage, or they have enough equity that they could sell before getting into trouble.
On the rental side: The governor put into place an eviction moratorium which has expired (June 30. He has created the bridge program through September 30th. Also, the legislature put two new bills into place that effect rentals. HB5160 and SB 1236 both are designed to keep tenants in their homes and avoid a wave of evictions. The WA State Dep of Commerce has also created 4 different landlord mitigation programs to provide landlords with relief. Visit Wa Stat dep of commerce for more info
2) Do offer “love letters” really work to help my offer look more attractive?
Answer: NO Fair housing issues, most brokers won’t present them, explain why
3) What is the average price for a home in Kitsap County?
Month of June 2021- New listings = 337
Average sales price = #571,000
Homes for sale = 146
Pending = 306
Sold = 306
Days on market = 5
Months supply = 5
Average price/ sq ft = $305.00
4) Some would say Tacoma is the current “IT” city. Who is the next after Tacoma?
We are seeing an expansion into Kitsap County with the 3 new fast ferries. Bremerton to Seattle in 30 minutes, Kingston to Seattle in 40 and south worth to Seattle in 26 min. Amazon, Tesla, and Aero Precision are also moving to Lakewood. Mason county is also showing signs of becoming another “it” city due to lower prices, for the time being.
We have enjoyed answering your questions and if you would like to talk more about these stats and how they compare to your home, contact us today. You can comment below, email us at stacia@staciasellshomes.com, or visit our website kitsapzone.com to schedule an appointment.
Be sure to join us next week where we will be discussing how to get your home prepared for sale.
