Tacoma’s North End Experiencing a Shortage of Good Homes for Sale
You might have heard that the housing market is heating up. Nowhere are buyers, sellers, and Realtors feeling that heat more than Tacoma’s North End. “The North End of Tacoma is experiencing a shortage of inventory and the opportunity is leaning towards a seller’s market,” says North End Realtor Lisa Carlson. “If we look at where we were this same time last year (homes ranging from 300K-400K), we are experiencing 31% shortage of inventory. At the same time the number of pending home sales are increasing. With the mortgage interest rates in the 3-4% range, we have more buyers in the North End market than sellers. In many cases we are experiencing multiple offers and short selling time.”
While the housing market recovery is still only in it’s early stages, buyers drawn to record low prices and interest rates are discovering that the good houses are selling very quickly. “Multiple offers are very common right now in the North End,” says North End Realtor Michael McNiel. “If you’re a buyer, your agent better be Johnny or Jane on the spot or it’ll be gone before you see it.”
According to McNeil, the sweet spot for North End houses is $265,000-$400,000. If you are a seller who has been holding off on selling waiting for the right moment, now might be the time. While the market is busy, buyers are still particular. “Buyers are still looking for the good buy and aren’t looking to take on projects where they need invest a lot of time and money making them perfect,” says Lisa. “Homes that are ‘dialed-in’ are selling fast. Kitchens and updated baths are the number one selling point. Outdoor living space and a garage or potential to put a garage are also at the top of the list.”
If you’re interested in finding out if now is a good time to sell your North End Home, contact us!