Labor Day signals many things to us here in Thurston County. The kids usually are starting school, the gardens are producing there bounties, we are enjoying our last few weeks of beautiful weather, and typically our housing market slows down a bit.
2017 was different from previous years. I didn't see a slow down until December and it only seemed to last for a month. January 2018 came around and we were selling again. We started to have multiple offers on homes and prices were escalating $10,000-$20,000 over asking price. Our appraisals were having issues keeping up with these stats, and by June home prices were up over 10% from the previous year. The days of asking sellers to pay buyers closing cost were over. Typical days on the market were less than 7 days. Inspection contingencies were 5 days or less and buyers were hesitant to ask for any repairs, as there was always another buyer waiting that wouldn't ask for repairs.
2018 our season is almost over. I'm seeing our market return to it's previous pattern where Feb-July are super hot, prices increasing, and lots of buyers. August- Dec. a gradual slow down. Homes still selling, prices staying the same, full price offers but typical for sellers to pay buyers closing costs and homes staying on the market between 2-3 weeks. Inspection contingencies are usually 10 days and buyers can ask for "structural repairs."
I have been asked by many of my investors what I think 2019 housing market in Thurston County will be. I believe that come February we will take the same path as 2018. During the 2009 recession we had a lot of clues that our market was in trouble. We had adjustable rate mortgages that were resetting, we had prices on homes appreciating over 20% in a year, we saw other markets including California that were seeing troubles. I am not seeing that in our housing market. The economy is booming.
So this Labor day, enjoy your time off and don't get stressed if your home is on the market a little longer than anticipated. And if you are a buyer, think about buying a home this winter when competition is not as strong as spring.
Author:Brandi Rademacher Phone: 253-224-6663 Dated: August 28th 2018 Views: 306 About Brandi: Brandi Rademacher with RE/MAX Realty South is the Professional Realtor who other Realtors come to fo...
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Brandi Rademacher with RE/MAX Realty South is the Professional Realtor who other Realtors come to for advice. With the experience of hundreds of successful transactions to her name, she has the knowledge and experience to make even the most difficult transactions appear to her clients as typical.
Brandi has been a Realtor since 2004, and has since expanded her expertise by successfully completing her ABR (Accredited Buyers Representative), ASR (Accredited Seller Representative), CDPE (Certified Distressed Property Expert) and E-PRO. These designations mean that Brandi can expertly represent both Buyers and Sellers. The CDPE designation means Brandi is one of a select few in the state who has trained extensively to u nderstand the options, solutions and effective methods for dealing with homeowners dealing with hardships, short sales, and foreclosures.
Brandi has a full team of professionals to serve all her clients needs in both residential and commercial transactions. She has an office manager, financial lender, property inspector, and a virtual assistant, all of who provide the client with a “one stop shopping” experience.
“My team and I are responsible for our clients and their needs. They place a huge trust in my team, so I strive diligently for perfection on a daily basis”.