Below you'll find statistics on residential listings in Kitsap County, updated every day from the NWMLS, including the average price, average days on market, average price reduction, average price of homes by bedroom, and more. Great article. My wife was able to double her life insurance coverage for less with PolicyGenius in 2020. lessons from the 2008-2009 financial crisis, invest in real estate within your own city, Real Estate Outperformance Examples During The Pandemic. You believe in my housing market predictions for 2021, then you should also invest in multifamily properties. The government has committed to doing everything it can to help the American public stay afloat during a global pandemic. Here are three real estate buying strategies to consider based on my housing market predictions for 2021. Look how much wealth has been created in the stock market so far in 2020. What’s great about CrowdStreet is that they are focused on 18-hour cities, secondary markets that have lower valuations and potentially higher growth rates. Banks are requiring 20% or greater down payments and 720 or higher credit scores for a jumbo loan. As a result, I am investing accordingly with ~40% of my net worth in real estate. Looking at homes virtually is nice. Financial Samurai is now one of the largest independently run personal finance sites with 1 million visitors a month. Further, publicly-traded REITs have shown to be even more volatile than stocks. The average Tacoma house price was $400K last month, up 21.3% since last year. Best article I have read recently in the topic. Upgrading to a nicer home with more space and an ideal layout is priority #1. Drive around your city to find new areas that were once overlooked because you desired a shorter commute. When forbearance ends, which it will, and millions of people are foreclosed on / evicted….won’t this cause (the) supply (curve) to (shift right) increase? When the stock market is weak, there is a tendency for capital to flow towards the safety of real estate. Your email address will not be published. — some errands can be accomplished on foot. There’s never going to be a federal tax or federal stimulus package based on various cost of living levels by state. Realtor.com’s top 10 housing markets for 2021 have substantial momentum from 2020 which they will carry into next year. Per agent it went for around 100k over asking. Once shelter-in-place began in mid-to-late March 2020, open houses were shut down. The accuracy of this forecast for Seattle is 85% and it is predicting a positive trend. December 2, 2020 2021 National Housing Market Forecast and Predictions: Back to Normal To say 2020 was a year of surprises is an extreme understatement. Tacoma Housing Market Forecast and Real Estate Price Prediction:, Tacoma City Real Estate and Home Value Predictons for 2021 Millions of people are itching to spend more and improve the quality of their lives. The winter of 2020/2021 will likely be slow given a surge in coronavirus cases as well. The second way to invest in a housing recovery is actually even easier and potentially more lucrative. Tacoma City is the 136. largest city in the United States, located in Washington State.. During the last 12 months the real estate prices in Pierce, Tacoma City decreased, looking at the past 12 months.. After locking down expenses and saving so much during shelter-in-place, I’m personally looking to spend my money. The sales started on September 10, 2019, with the Orion building located at 29 St. Helens Ave. Investors Management Group, Inc. sold the 15-story building for $30.24 million. But keep in mind that home prices are unlikely to fall to the bargain-basement prices many were hoping for. There is clearly going to be a demographic shift towards cheaper cities, especially now that work from home is more widely accepted. Just make sure you live/own your own for at least 5 years, if not 10+ years. Hottest Zip Codes: Home Price Rises and Views. What started off … The forecast comes on the heels of a … CoreLogic now anticipates that home prices fell 0.1 percent in June and forecasts the decline to reach 6.6 percent by May 2021. Published: 10/03/2020 | Updated: 12/29/2020 by Financial Samurai 12 Comments. Mortgage rates have fallen to all-time lows. The sweat spot for real estate is when stocks are down ~10%, as is currently the case. The longer your holding period the better. This is largely due to a sharp increase in listings, as sellers begin to outnumber buyers within the city. According to Walletinvestor’s Tacoma real estate market research, home values will increase in the next 12 months. Homes sell for about 2% above list price and go pending in around 6 days. 62 elementary schools. The median price of an existing home sold in October was about $320,000, up an incredible 7.4% compared to a year ago. The average sale price per square foot in Tacoma is $250, up 15.2% since last year. The median home in Tacoma was on the market just eight days — the shortest period of any U.S. metro — while the supply of homes for sale is just 1.3 months, the lowest in the United States. I’d check them out. I’m personally buying as much ocean-view property on the western side of San Francisco as possible because I think it is undervalued. Things like home prices, mortgage rates, and other real estate developments in WA State will be discussed. Since 2016, I’ve personally invested $810,000 in real estate crowdfunding to invest in lower-cost areas of the country with higher rental yields. Banks learned their lessons from the 2008-2009 financial crisis and have tightened lending standards since then. Check out Credible, my favorite mortgage lending marketplace where lenders compete for your business. Given my housing market prediction, if you’re looking to buy a home and can afford to do so using my 30/30/3 home buying rule, buying property before we reach herd immunity is probably going to turn out well. Real estate is hot and the pent up demand is nuts. This is good news for real estate investors looking to buy a rental property in a strong housing market. Get free refinance or purchase quotes in minutes. Wonderful communication with the Listing Agent was key. Fundrise is available for non-accredited investors. Jessica Barry • Coldwell Banker Bain Modern Den Real Estate + Dev, Tamera Camp • John L. Scott, Inc. Most homes get multiple offers, often with waived contingencies. Everybody should at least refinance their mortgage now to save. If you’d like to keep in touch, you can sign up for my private and free Financial Samurai newsletter here. We also desire to invest in a more stable physical asset that generates strong cash flow. Keep up the good work. It is the leader in private eREITs that offer tremendous diversification and steady historical returns in the face of volatility. But again, home prices are not falling, but rising. You will see frugal homeowners wanting to upgrade their living standards as well. Now that I’ve shared my housing market predictions 2021 as a 20-year real estate veteran, let me share Zillow’s. Best of luck with your real estate investing! As a result, productivity also increases. If housing prices decline by up to 5% over the next 12 months and mortgage rates continue to remain low, housing affordability goes up. Fundrise is free to sign up and explore. The Tacoma housing market forecast for the 3 years ending with the 3rd Quarter of 2021 is also positive. Competitive! a minimal amount of infrastructure for biking. The rise of millennials will push the housing demand up. You can also subscribe without commenting. The pace of price increases will likely slow down, as demand from the fist half of 2020 gets exhausted. It’s free to sign up and explore. Now that tens of millions of people have experienced working from home for months, the trend is likely to continue forever. However, multifamily properties will likely outperform in 2021 after there is a vaccine. ... Realtor.com ® 2021 Housing Market Forecast. Everything from cars, to services, to travel, to nicer homes will be in huge demand. My husband and I are real estate agents and the hardest part of our jobs is having our clients compete with up to 30 other buyers in Marin County. The housing data provider’s May Home Price Index and HPI Forecast report predicts a year-over-year home price decrease of 6.6% by May 2021. The pandemic has reminded us that tomorrow is not guaranteed. Wow thanks for such an insightful and detailed post! Interest in commercial real estate where fewer humans are involved seems to be quite high for obvious reasons. Therefore, there will be a large demand curve shift with renters looking to finally buy a nicer place to live. PolicyGenius is the easiest way to find free affordable life insurance in minutes. Credible is a top mortgage marketplace where qualified lenders compete for your business. For example, you are seeing New Yorkers buy property in Connecticut and Florida. The only housing markets more competitive than Tacoma are in the San Francisco Bay Area, according to Redfin. The income earned is also 100% passive. If you look at many other demand charts for 2H2020, you are seeing a V-shaped recovery. Notify me of followup comments via e-mail. So far, Zillow is wrong like Donkey Kong as U.S. median home prices in 2020 continue to surge higher. Now, there is massive pent up demand to spend cash in 2021. This latest financial crisis is more of a suppression, instead of a depression. The demand for homes this year is extraordinary as record-breaking numbers of hopeful buyers continue to shop for homes. Am I missing something? With Personal Capital, you can track your cash flow, x-ray your investments for excessive fees, and make sure your retirement plans are on track. In the past, I would say spend no more than 3X your annual income on a home. I’ve been watching the real estate market closely this year especially in the last several months. Another favorite real estate crowdfunding platform is Fundrise. Maybe. We thought we would have a housing crash occur here in Canada. At the end of 2017, I published this post on why we should start worrying about the housing market again. However, 2020 is anything but a normal year, and the housing market is no exception. This is the Yin / Yang of finance. Your email address will not be published. For big cities like New York City and San Francisco, I believe there will be a V-shaped recovery in demand in 2021 as hundreds of thousands flock back to big city living again. Below is the latest Chase consumer credit card spend that shows a continued rebound. The average sale price of a home in Tacoma was $400K last month, up 21.3% since last year. There is also little-to-no inflation with so many people out of work. Unlike the Great Recession, the … ... Seattle-Tacoma-Bellevue, Wash. 8.9%. I was able to get pre-approved for a 7/1 ARM jumbo at only 2.125%! Tacoma Home » Tacoma. Rates are so enticing Lee cheap, but if you can find a deal for just 5% below last year’s prices, you’re saving more like 10+ percent. 9.7%. Thankfully, millions of Americans received enhanced unemployment benefits of $600/week until July 31, 2020. With the desire to relocate to less densely populated areas of your own city or country, the desire for real estate should continue to be quite strong. Given the demand for U.S. treasury bonds is high in a uncertain environment, bond yields will remain low. My prediction is for a $330,000 median price by end of 2021. He retired in 2012 with the help of his retirement income that now generates roughly $250,000 passively. This trend will likely continue and explode higher once there is a vaccine available to the masses in 2021. Housing Market Crash 2021: The housing reports are comprehensive assessments and predictions of US Housing markets drawing insight from NAR, CAR, Corelogic, Wall Street Journal, Freddie Mac, tradingeconomics, statista, and more industry sources. This map shows why investing in the heartland of America is likely a strategically sound move. Realtor.com's latest housing market forecast for 2021 shows that the housing boom will continue but the seasonal trends will normalize. The Accuracy of the Trend Prediction for Tacoma is 87%. And corporate earnings are rebounding. As a result, it is strategically sound to buy rental properties due to their cash flow. Multifamily properties and other commercial real estate have lagged the stock market and single family home prices so far. Given interest rates have collapsed, the value of rental income has gone way up. It takes a lot more capital to generate the same amount of risk-adjusted income. The housing market forecast for San Francisco suggests that home prices could weaken through 2020 and into 2021. I’ve talked to several mortgage lenders in depth about the state of the mortgage industry. Even CMHC mentioned a doom and gloom 25% drop in home price scenario. Author Bio: Sam started Financial Samurai in 2009 to help people achieve financial freedom sooner, rather than later. We negotiated back and forth on this one prior to Mutual. The Tacoma housing market is most competitive. Given the west side is mostly zoned for single family homes, the area is less dense as well. 1) Take advantage of record-low mortgage rates by refinancing with Credible. Here are my housing predictions for 2021. Market Statistics. There were deals to be had in 1H2020, but deals are now getting a little harder to find. Here is a short and crisp Seattle housing market forecast for the 3 years ending with the 3rd Quarter of 2021. Finally, we have the millennial generation in their prime home buying years. Market Statistics. It makes sense with all that’s going on that the housing market shifts often this year. You could buy publicly-traded REITs, however, like the S&P 500, REITs have rebounded tremendously since their March 2020 lows. Do you really want to live like a pauper for the next several years? Real estate is my favorite asset class so thanks for sharing so many insights on the housing market! Over the long run, real estate tends to do well over time. The Tacoma real estate market has changed dramatically over the last few years. If the global pandemic has taught us anything, it’s that tomorrow is not guaranteed. The Seattle Metro looks to a 9.7 % increase in prices in 2021. getty. You can also view available properties for any of these communities. You can’t really count out the US consumer and all this pent-up demand for homes is really going to boil over and explore once the lockdowns are over at once open houses are open. Related: Real Estate Outperformance Examples During The Pandemic. My housing market prediction for 2021 is that nationwide housing prices will continue to reach new all-time highs. At one point, over 30 million Americans have filed for unemployment. My housing market prediction for 2021 is that nationwide housing prices will reach new all-time highs by no later than July 1, 2021. Below shows the massive spike in the U.S. personal savings rate in April 2020 to 33%. With at least two viable vaccines with a ~95% efficacy rate from Pfizer and Moderna, low mortgage rates, an accommodative Fed, and huge pent up demand, I think the housing market will continue to reach new highs in 2021. I’ve always wanted to write while looking out into the ocean. And, according to Zillow, median home values are expected to continue this trend. Millions more people are deciding whether it’s best to keep hoarding cash or actually spend their cash on a better lifestyle. Spring and summer home-buying seasons in 2021 will be strong. Summary: This article discusses expert predictions on different areas of the WA State real estate market in 2020 and 2021. Thankfully, delinquency rates are slowly going down in 2H2020. Tacoma Housing Market Overview for 2020. Although we are living in difficult times now, we should also look to take advantage of any weaknesses in the housing market. However, these benefits have run out, and it is uncertain more than four months later, whether there will be another stimulus package before 2021. The easiest strategy to invest in a housing recovery is to invest in real estate within your own city. People want to buy homes with views, more land for their children, and homes with home offices. All of my wealthiest and smartest friends are buying up San Francisco property before 2021 to position themselves for such a rebound. Leverage is great on the way up, but dangerous on the way down. As of November 20, 2020, the U.S. housing market is incredibly strong. 3) If you have dependents and/or debt, it’s good to get term life insurance to protect your loved ones. Being able to deduct your PPP loan in 2020 is a huge new big win for small businesses. 4) Finally, stay on top of your wealth and sign up for Personal Capital’s free financial tools. But if you believe in a V-shaped recovery in big cities, there are opportunities to be had in buying rentals. Below is an example of a CrowdStreet offering in the self-storage space. Notice how $600 is worth between $645 – $700 in states such as ND, SD, NE, KS, OK, MI, AK, MO, IN, AL, OH, KY, and WV. But we have now record sales now. Therefore, expect to see more capital invested in real estate. Below you'll find statistics on residential listings in Pierce County and surrounding communities, updated every day from the MLS, including the average price, average days on market, average price reduction, average price of homes by bedroom, and more. On the other hand, if there is a Blue sweep, the nation should expect massive government stimulus in 2021. Any time you use something for a longer period of time, you care more about that thing. Notice how online spending (card not present) really surged higher in late October during the Amazon Prime period. As for getting a conforming mortgage loan, it’s still OK as Fannie Mae and Freddie Mac are still buying because the government is supporting them. To find deals, you may need to look at homes priced more than 50% higher than your city’s median home price. In addition to investing in commercial real estate where demographic trends will be strong, investors should also consider investing in data-centers and self-storage commercial real estate. Therefore, you might as well play along instead of fight the government. The economy is rebounding. He enjoys being a stay-at-home dad to his two young children. Tacoma Housing Market and Real Estate Price Forecast, Short-Term Property Price Prognosis for Next Months and Year Short-term real estate market and home value forecast is based on last 5 years median home prices. Required fields are marked *. Demand has stayed strong although supply has been less than historic levels. When affordability goes up, more people will buy property. The forecast for the trend in the Tacoma housing market for the 3 years ending with the 3rd Quarter of 2021 is UP. Notice the continued upward trend in all of 2020. In fact, some rental property valuations have gone down in big cities as rental prices have declined. Real estate provides shelter, is a tangible asset, is a defensive asset, and can generate income. As always, please run the numbers and only buy what you can afford. Homes in Tacoma are pending sale within 23 days. Some companies have explicitly said that if you want to relocate to save on living costs, you will also have to accept a salary cut. The goal is to always get the best deal possible. Today, you can stretch to buy a home up to 5X your annual income due to mortgage rates. NAR just released its list of hottest Zip Codes in … Not having to leverage up is one of the reasons why I like investing in real estate crowdfunding. No one has a crystal ball … Only showing 5 of School service boundaries are intended to be used as reference only. They’re looking to protect what they have. Working from home is more efficient. However, banks are further tightening lending standards because they also are unsure when the economy will recover. Unlike stocks, real estate values don’t just go *POOF* overnight. As a result, the intrinsic value of a home is going way up. According to various sources, housing values in Tacoma rose by more than 7.1% during the past 12 months. In a normal year, the peak homebuying season comes to a close by early fall. I guess the key is to win the listing. It’s also worth noting that this recent Tacoma real estate forecast, which extends into 2021, predicts a quick rate of growth in home value appreciation. Below is their housing market predictions for 2021. Mortgage rates are likely going to stay at record-lows. Before we get in more detail about my housing market predictions for 2021, let’s first go through the negatives that could drag the overall housing market down. However, as always, there are no guarantees with any investment. Record-low mortgage interest rates are enabling homebuyers to afford more home. "The 2021 housing market will be much more 'normal' than the wild swings we saw in 2020. Don't subscribe Below is a picture of my home office, located on the western side of San Francisco. Notice how $600 is worth between $645 – $700 in states such as ND, SD, NE, KS, OK, MI, AK, MO, IN, AL, OH, KT, and WV. All that wealth could be shifted to real estate. Surely, the heat must fade as prices get out of control and demand flows somewhere else. Seattle-Bellevue-Everett, WA Appreciation Forecast. The work from home trend means commuting long distances is no longer as big of an issue. A higher delinquency rate makes banks more hesitant to lend as losses mount. When the unemployment rate was surging, the delinquency rates on auto loans, credit card loans, and mortgages were also surging. The accuracy of the Tacoma housing market trend prediction is 87%. Just like how a massive increase in the personal saving rate may be throttling housing demand, eventually, the savings will be unleashed onto the world. In such a scenario, my housing price prediction for 2021 will prove to be conservative. One house we were going to see with our clients went into contact in 1 day, $400,000 over asking, all cash, no contingencies. Zillow is one of the largest online real estate companies with a wealth of data. Seattle Real Estate Forecast Seattle Washington was rated the hottest city in America for real estate. Here are more detailed thoughts about my housing market predictions for 2021. To verify enrollment eligibility for a property, contact the school directly. The government passed a second round of stimulus to be injected into the system in 1H2021. The Federal Reserve and the Federal Government are being accommodative. He also earned his BA from William & Mary and his MBA from UC Berkeley. Here are the reasons. Consumer demand is being artificially depressed due to shelter-in-place orders and forced closures of businesses. The housing market is in a tricky situation given massive unemployment, continued shelter-in-place, the coronavirus, and tremendous uncertainty. Cash is KING... even with strong buyers - waiving inspection per pre inspection, There were 15 offers per listing agent. Below is a map highlighting where the enhanced $600/week unemployment benefits go farthest. It’s easy to understand, less volatile, provides shelter, and produces income. The median price of an existing home sold in September was $311,800, up an incredible 14.8% compared with September 2019. Courtesy of Zillow.com. There should be easing of PPP forgiveness rules, and large government works initiatives to put Americans back to work. Further, by living in your same city, you won’t have to take a salary cut. Homes in Tacoma receive 5 offers on average and sell in around 6 days. Real estate is my favorite asset class to build long-term wealth for most Americans. Accordingly, LittleBigHomes.com estimates that the probability for rising home prices in Tacoma, Washington is 87% during this period. Report: Tacoma housing market the fastest in the country Homes in Tacoma are pending sale within 23 days. We are seeing the saving rate go down as Americans spend more money. In fact, my housing market predictions for 2021 is for the fastest home price appreciation since the previous financial crisis. When there is uncertainty, most people tend to just hoard cash until all signs are clear. I'm updating this article for 2021 and beyond because the outlook has improved. Below is a map highlighting where the enhanced $600/week unemployment benefits go farthest. Even in October, open houses are mostly by appointment only. However, after a massive 44% month-over-month rebound in U.S. pending home sales in May and another strong 9.6% rebound in September, the U.S. housing market is stronger than ever! In other words, you now need a lot more capital to generate the same amount of income. As time goes on, I have no doubt the U.S. personal savings rate will go back to the historical range of ~6% – 7% pre-pandemic. CrowdStreet is focused on sourcing attractive multifamily properties for investors to take advantage of the boom. "In our latest forecast, national home price growth will slow to 0.6% in July 2021 … Sign up for the private Financial Samurai newsletter! "The CoreLogic Home Price Index registered a 4.3% annual rise in prices through June, which supported an increase in home equity," Frank Nothaft, chief economist, said in a press release. The Tacoma, WA housing market is most competitive, scoring 93 out of 100. Lawrence Yun, Chief Economist for the National Association of […] I’m not seeing this drop in prices here in Los Angeles, all I see is higher prices and increased competition. They might even take a downturn. Only San Jose, California ranked higher, with a year-over-year price growth forecast of 10.8%. This second round of stimulus will hold millions Americans through until there is herd immunity. Seattle Real Estate Forecast. CrowdStreet is an easy way to invest in real estate without the need to get a mortgage and leverage up. Mortgage rates are low and stock money shifts to real estate. So we thought it would be helpful to publish a real estate market update for those who are planning to buy a home in Tacoma, Washington in 2020. As a result, the unemployment rate has skyrocketed to 15%+. Take advantage of real estate platforms such as CrowdStreet to diversify your investments across America. Meaning, general housing market predictions are that housing prices will fall through the end of 2020 before recovering in Q3 of 2021. If you would rather invest in a diversified fund, rather than individual deals, Fundrise is a good solution. Jobs are slowly coming back as the economy slowly opens up too. Economic momentum from … This is their base case scenario. If we are to believe Zillow’s housing market predictions for 2021, then we’ve actually got only until about March 2021 to hunt for real estate deals. Replies to my comments Sale within 23 days an incredible 14.8 % compared with September 2019 out Credible, my housing market prediction... 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