For those of you wanting to know if now is a good time to buy a home, if it’s a buyer’s or seller’s market, & the estimated outlook of the housing marketing in the Puyallup, Washington area, this article will answer all of those questions and more.
With the average mortgage payment in Washington State being $2,110, and rents in Puyallup, WA ranging from $2,395 per month to $2,425, for an average 3-bedroom apartment one may consider purchasing a home if they’ve been renting for some time, plan to stay in the area for the foreseeable future, and want an appreciation of an asset they own (versus no return on their investment with renting).
According to Redfin.com, the Puyallup housing market is somewhat competitive. Homes for sale average 2 offers before they sell and sell in approximately 53 days compared to 6 days last year (these stats are as current as February 2023). According to this same source, the average sale price for a home in Puyallup is $480,000 which is down 8.6 percent since last year.
With the average mortgage payment in Washington State being $2,110, and rents in Puyallup, WA ranging from $2,395 per month to $2,425, for an average 3-bedroom apartment one may consider purchasing a home if they’ve been renting for some time, plan to stay in the area for the foreseeable future, and want an appreciation of an asset they own (versus no return on their investment with renting).
According to Redfin.com, the Puyallup housing market is somewhat competitive. Homes for sale average 2 offers before they sell and sell in approximately 53 days compared to 6 days last year (these stats are as current as February 2023). According to this same source, the average sale price for a home in Puyallup is $480,000 which is down 8.6 percent since last year.
Walletinvestor.com answers your 5 burning housing market questions for Puyallup:
- Is it a good time to buy a home in Puyallup? Is investing in real estate in Puyallup worth it?
It wouldn’t be a good investment for the short-term (i.e., one-year).
For a 5-year investment the profit is expected to be around +10.06% which means that investing $100,000 today (March 2023) may yield a profit of $110,060 by 2028.
2. Will the median listing price of homes in Puyallup grow, rise, and/or go up?
Yes, the Puyallup home prices may rise from $379,202 to $386,531 in one-year.
3. Is it profitable to invest in Puyallup homes? Yes, the long-term profit potential is +1.93% in one-year.
4. Will Puyallup house prices fall/drop? Will real estate prices decrease in Puyallup?
No. It is unlikely to happen.
According to this same source, median home values in Puyallup increased by 2.065% to $379,202 between February 28, 2022 and February 28, 2023. The average annual profit of a property investment was:
- 8.012% in 2018
- 5.863% in 2019
- -6.151% in 2020
- -0.20095% in 2021
- 2.160% in 2022
- 0.000001% in 2023
Based on Walletinvestor.com’s Puyallup real estate market research and report, the predicted sales prices will increase by 19.157% in the next 10 years. More supporting evidence of the predicted increase of the value of homes in Puyallup, is that over the last 12 months, the value of homes in Puyallup fluctuated: with an increase of 11 times and a decrease of one time.
Rockethomes.com provides data that doesn’t support now being a buyer’s market, however, by knowing this information can help you make better strategic decisions if you decide to buy. According to a February 2023 Puyallup Housing Market report updated the beginning of 2023, when asked if Puyallup is a buyers or seller’s market, they replied sellers which means prices tend to be higher and homes sell faster. According to this same source, it’s been a seller’s market since February 2022. The prices of homes in Puyallup keep rising, according to Rockethomes.com, homes in Puyallup have sold for 7.2% more than they did a year ago. However, even with the rising prices of homes so are the sale of them. In January 2023, 18 homes were sold in Puyallup compared to 114 in February 2023. They predict March 2023 to have +533.3% for homes sold in Puyallup (Rockethomes.com).
As a result of rising sale prices of homes in Puyallup, Rockethomes.com advises that if you’re buying a home in Puyallup, you could end up paying more than the asking price since 34.2% of homes here are sold above the asking price according to data for last month. To provide further data supporting this point, in February 2023, more than 39 listings in Puyallup were sold above the asking price. During that same period, more than 37 listings were sold at the asking price and 38 sold below. (As mentioned at the beginning of Rockethomes.com’s research, by knowing this information can help you make strategic decisions such as don’t pay more than the listing price!)
What is the news saying about the current housing market? According to a local news article on mynorthwest.com on March 1, 2023, “Seattle’s housing market has cooled: is now the time to buy?” They discuss their opinions and advice from local real estate experts. According to their article, “Seattle’s once-sizzling housing market has cooled off a lot which is potentially good news for those looking to buy. Because according to a National Survey, housing prices across the country declined for 6 months in a row. That drop has been the sharpest in San Francisco and Seattle.”
Although this same source thinks it may be potentially a good time for buyers, they want us to be aware of these 2 but’s:
Luke Zender, a Washington home lender, stated: “I think there’s great opportunity here again. It’s important to get into the home. It’s kind of like the term, ‘marry the house, date the rate’. The rate can change and you can refinance at any time.” That’s the pitch from many lenders because the house you buy today will most likely cost less than it did a few months ago.
For up-to-date news in the Real Estate market, visit: https://www.realestatenews.com/ which is a daily news website focused on the residential real estate market.
By: Carly Calabrese
Carly Calabrese is a career coach and professional writer in Puyallup, WA. She's been published in Woman's World Magazine (twice), the Eatonville Dispatch (Newspaper), SouthSoundTalk.com, Tacoma.com, the Tacoma Art Group, the Federal Way Mirror (Newspaper), South Sound Magazine, Showcase Media Magazine, the Business Examiner, & the Puyallup Herald (Newspaper).
Visit: worksolutionstoday.com for more information &/or to get in touch with Carly about any freelance/remote writing positions by contacting her at this link: http://www.worksolutionstoday.com/contact.html. Thank you!
Rockethomes.com provides data that doesn’t support now being a buyer’s market, however, by knowing this information can help you make better strategic decisions if you decide to buy. According to a February 2023 Puyallup Housing Market report updated the beginning of 2023, when asked if Puyallup is a buyers or seller’s market, they replied sellers which means prices tend to be higher and homes sell faster. According to this same source, it’s been a seller’s market since February 2022. The prices of homes in Puyallup keep rising, according to Rockethomes.com, homes in Puyallup have sold for 7.2% more than they did a year ago. However, even with the rising prices of homes so are the sale of them. In January 2023, 18 homes were sold in Puyallup compared to 114 in February 2023. They predict March 2023 to have +533.3% for homes sold in Puyallup (Rockethomes.com).
As a result of rising sale prices of homes in Puyallup, Rockethomes.com advises that if you’re buying a home in Puyallup, you could end up paying more than the asking price since 34.2% of homes here are sold above the asking price according to data for last month. To provide further data supporting this point, in February 2023, more than 39 listings in Puyallup were sold above the asking price. During that same period, more than 37 listings were sold at the asking price and 38 sold below. (As mentioned at the beginning of Rockethomes.com’s research, by knowing this information can help you make strategic decisions such as don’t pay more than the listing price!)
What is the news saying about the current housing market? According to a local news article on mynorthwest.com on March 1, 2023, “Seattle’s housing market has cooled: is now the time to buy?” They discuss their opinions and advice from local real estate experts. According to their article, “Seattle’s once-sizzling housing market has cooled off a lot which is potentially good news for those looking to buy. Because according to a National Survey, housing prices across the country declined for 6 months in a row. That drop has been the sharpest in San Francisco and Seattle.”
Although this same source thinks it may be potentially a good time for buyers, they want us to be aware of these 2 but’s:
- There aren’t that many houses for sale.
- Interest rates are much higher than they were a year ago. The current rates in Puyallup are 6.39% for a 30-year fixed loan (according to businessinsider.com).
Luke Zender, a Washington home lender, stated: “I think there’s great opportunity here again. It’s important to get into the home. It’s kind of like the term, ‘marry the house, date the rate’. The rate can change and you can refinance at any time.” That’s the pitch from many lenders because the house you buy today will most likely cost less than it did a few months ago.
For up-to-date news in the Real Estate market, visit: https://www.realestatenews.com/ which is a daily news website focused on the residential real estate market.
By: Carly Calabrese
Carly Calabrese is a career coach and professional writer in Puyallup, WA. She's been published in Woman's World Magazine (twice), the Eatonville Dispatch (Newspaper), SouthSoundTalk.com, Tacoma.com, the Tacoma Art Group, the Federal Way Mirror (Newspaper), South Sound Magazine, Showcase Media Magazine, the Business Examiner, & the Puyallup Herald (Newspaper).
Visit: worksolutionstoday.com for more information &/or to get in touch with Carly about any freelance/remote writing positions by contacting her at this link: http://www.worksolutionstoday.com/contact.html. Thank you!
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