Unfortunately for buyers, we expect this competitive environment to continue through the spring and into the early summer. Zillow researchers have recently adjusted their forecast for 2022, predicting that nationwide year over year price gains won’t peak (at 21.6%) until May. To read the full Zillow research report click here.
Though the Tacoma housing market cooled slightly in the 4th quarter of 2021, it has returned in full force this spring. Listings are routinely selling $100K above list price just as they did in the spring of last year. At least that’s been our experience with our last three North Tacoma listings. The ratio between list price and sale price is typically more skewed in the lower price band where sale prices 15-20% over list are common. In the higher price band, we’re more likely to see sale prices 5-10% above list price.
If buyers want to be successful in this market, it’s critical that they engage a real estate broker who has a deep knowledge of the local housing market and who understands exactly how to craft a winning offer. Experience makes all the difference.