Real estate market likely to remain hot in 2018

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Coldwell Banker Bain, a leading Pacific Northwest real estate brokerage, releases its 2017 annual reportmarket report providing a variety of statistics for the sale of homes in neighborhoods and counties throughout the Puget Sound region, as well as for segments including luxury and condos.

Reflecting on the annual numbers and feedback from brokers, Mike Grady, CB Bain president and COO, pointed out, “There is no expected end in sight in 2018 for buyers or sellers experiencing a tough market – inventories are expected to lag well behind the number of buyers, and as a result home prices can be expected to continue rising. The biggest question seems to be related to rising interest rates and the impact of the Trump administration’s recent tax plan on the housing market. Both issues could provoke more sellers to go to market, and that would be a nice result for buyers.”

“In Pierce County, residential and condo sellers have ruled the market again in 2017,” said Stephanie Callen, a leading broker in the CB Bain of Puyallup office. “With our neighbors to the north coming into Tacoma and Gig Harbor to avoid high taxes, high housing prices and congestion, it has really put a strain on the inventory. Buyers are having to compete for homes and the usual closing costs help from sellers on VA loans is not a given to VA buyers anymore. With the price of homes up over 11 percent in Pierce County last year and the inventory down over 12 percent, homes prices are still moving upward. New construction home values are increasing as well. Despite all this, Sunset Magazine says the ‘City of Destiny’s time has finally come’ and Tacoma is now the best place to live in the Northwest!”

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