Part 1: 2016 Pierce County Real Estate in Review
January 11, 2017Thinking of buying or selling a home in Pierce County this year? Then you’ll definitely want to listen in to hear Windermere Professional Partners Co-Owners Michael Robinson and Kevin Mullin discuss what real estate was like in Pierce County during 2016.
Both Michael and Kevin agree that 2016 was an interesting year in a lot of ways, and as Michael points out, there’s a lot to be learned from 2016:
“2016 will go in the books for being a really difficult year in a lot of respects,” shares Michael Robinson. But he also points out that “a lot of business transacted and that was good, and many new people entered the marketplace and we’ve got home ownership growing and Pierce County reached its peak. Prices recovered to the point where we were at August of 2007.”
Kevin shared that just as of the beginning of 2017, the average price of a home in Seattle is $550,000. The average price of a home in Pierce County? $289,000! People are heading south until they can afford a home, and Pierce County still has room to grow.
Aside from that, Kevin also shares a more specific challenge from this past year: “2016, from my perspective, had some significant lending challenges. You had a lot of federal intervention in the lending process,” he shared. “There are new rules in place,” Kevin adds, and he anticipates seeing appraisal issues as a result of some of this.
Watch the video above to hear Kevin Mullin and Michael Robinson discuss what buyers and sellers need to know about Pierce County real estate as we move into 2017!