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Gig Harbor Market Report
*photo credit: cward360
Quick market update on our favorite city- Gig Harbor
Hey friends!
I want to give you a quick update on the Gig Harbor real estate market. If it seems like houses are for sale all over our beloved city…it’s because THEY ARE! Once people visit and see the views, the green surroundings, and quick access to everything, they want to live here!
January 2020 was quite active for a winter month. The median sale price was $380,000 and the average price was $330,000. These amounts are an increase of just over 1% for the month and 13% for the year. Yes, you read that right- 13% increase for the year!
Just over 800 homes sold, and almost a thousand homes went on the market. That is an active winter month.
The average time on the market was just under five weeks. This time on the market is down 35% for the year. So, when homes pop up in Gig Harbor, they sell FAST!
Currently, there are two sellers for every buyer. My guess is that number will change pretty dramatically over the next few months as people come out of their homes, see their shadow, and start thinking about moving. Spring is always a great time to sell as the winter funk starts to fade.
So- with all of this in mind, what should you do?
Great question… first of all, if you are thinking about ANY real estate issues, make me your first call. I live with my finger on the pulse of the entire region and I can help you discern between a good idea and a great idea. And when it comes to real estate, the difference between good and great can be thousands, if not tens of thousands, of dollars in your pocket.
If you are debating selling your home…call me! I’ll take a look at your home and give you great options to ensure you get the top dollar for your home.
If you are debating buying a new home…call me! My eyes are scouring the available listings daily! Nothing makes me happier than finding a house that is underpriced or in a distressed selling situation and calling one of my clients! This creates quick transactions that help both the seller and the buyer.
Thanks for reading! I love Gig Harbor and I REALLY LOVE handing keys over to people whose lives are about to get better.
Hope to talk to you soon!
Maria
Don’t Turn Remodeling Projects Into a Money Pit!
A great article came across my desk the other week about the home featured in the mid-eighties movie “Money Pit.” This was the hysterical movie with Tom Hanks and Shelly Long who were two yuppie home buyers who decided to buy a fixer and …well, fix it! Every home-fixer on the planet laughed until they cried at their never-ending parade of disasters. Of course, the reason the laughter turned to tears is we all remember the tears we’ve shed working on a ‘fixer-upper.’ This article focused on the fact that the same house used in the movie was recently sold for a huge LOSS. The couple who purchased the house set out to remodel, and spent close to $6 MILLION fixing up the home they purchased for just over $2 million.
Eventually, our owners decided to put the home on the market and asked a cool $12 million.
(Crickets)
And so they dropped the price.
(Crickets)
And…dropped it again. And again… until they finally sold the property for $3.5 million dollars.
So what is the moral of this story? I’m glad you asked.
Remodeling is a two-edged sword. The upside is you invest money to get the home that meets your needs and hopefully satisfies a few desires. The downside is, something you may love might not be something a potential home buyer may even like. The experts looking at this story all agree the couple spent too much money on their very personal, very ornate tastes. They added en suite bedrooms, an elegant pool (complete with a pool house), stunning fireplaces, and a modern, open kitchen. Plus, their desires were to create an over-the-top entertaining
palace that would reek excess and elegance. Sadly, the experts agreed that they over-developed for the time and for the area.
How then does a couple know what they should remodel and how much should they spend? They should make sure to have a friend like me in their corner.
As a rule, bathrooms and kitchens are safest, but be sure that your remodels don’t push your price above what your neighborhood can sustain when your home goes for sale. And, when it comes to return on investment, pools sink your return on investment to the bottom. I’d love to talk to you before you remodel if you are thinking of making a few changes before you list! I
spend all my days looking at homes like yours and seeing how buyers respond. Before you make any changes- give me a call!
Thank you for reading…and keep me in mind if you are looking or thinking of listing. I’d love to make the
whole process easier and make sure you get the best financial result!
Beautifully Maintained 3-Bedroom, 1.75-Bath Home w/Lovely Patio in Central Tacoma
Pleasantly inviting and thoroughly comfortable, this 3-bedroom, 1.75-bath residence is ready to become your new home-sweet-home! Lovingly maintained throughout the years, this Central Tacoma treasure boasts a spacious layout, handsome details, and a dynamic backyard that offers hours of entertainment. Located at 1644 Firlands Dr, Tacoma WA 98405, this 1,643-square-foot home is listed for $269,000.
As soon as you enter through the front door, a welcoming living room beckons! Imagine relaxing evenings cozied up by the fireplace; watch a movie or read a book as warm flames dance in the background. Plush carpet leads towards the dining room; hardwood can be found under the carpet on the main level, just in case that suites your style more! Beyond the dining room, a spacious kitchen offers ample space to prep meals while a casual dining nook provides the perfect spot to enjoy a morning cup of coffee at.
When it’s time to turn in for the day, 3 bedrooms ensure everyone has their own private space. Additionally, just above the garage, a bonus room offers a myriad of possibilities! Transform this large space into a recreation room, entertainment hub, fitness center, hobby room, play room, and more!
A backyard filled with garden space, a patio, storage shed, and mature trees sets a picturesque scene of natural beauty. Host summertime garden parties or barbecues on your delightful patio, and roast marshmallows in your charming fireplace! Try out your green thumb in the garden beds, or set up a fruit and vegetable garden in the ample-sized yard. Both inside and out, this home is brimming with the potential to become your unique vision of home!
Living in Central Tacoma
Tucked away in the heart of Central Tacoma, at 1644 Firlands Dr, Tacoma WA 98405, convenience is at your fingertips! It’s a mere 1-minute drive (but who’s counting?) to hop onto Highway 16, making it easy to head north or connect to Interstate-5 going north or south. Being so close to S 19th Street is also a perk—heading east to Downtown Tacoma or west towards Fircrest and University Place is quick and direct! In this special locale, you’re also surrounded by 3 parks, including Delong Park, Heidelberg-Davis Park and Snake Lake, and China Lake Park, making it easy to get out and enjoy the outdoors.
Interested in learning more about this listing? Contact REALTOR® Maria Kalafatich online here or give her a call/text at (253) 376-5559!
