Port Orchard Real Estate Pricing
Port Orchard real estate pricing cycles through different highs and lows. Keeping track of the following market indicators will help you decide if now is a good time to invest in Port Orchard real estate or not.
People go where the jobs are, and home prices follow jobs. A strong local job market is a sure sign of a healthy real estate market. While the Wall Street Journal gives you insight into the nation’s overall economy, check the local newspapers in the area you’re considering for statistics on the job market in your chosen area.
The housing inventory is the number of houses for sale at any given time in the area. If there are more houses than buyers, prices tend to fall and if there are more buyers than houses, the opposite occurs. Also look at the number of months or days it is taking for homes to sell. If it’s less than 60 days the market is considered hot.
Number of Foreclosures on the Market
A foreclosure (or repo as some call them) is a house that has been taken over by the bank because the owner failed to meet the loan payments. The more foreclosures in the area, the weaker the real estate market.
Number of Multiple Offers on Homes
Multiple offers are when two or more buyers ”bid” at the same time for the same house. It’s a sure sign of a hot market, usually resulting from a limited inventory creating the need for buyers to compete on price for the same property.
If you have questions about the Port Orchard real estate market, contact us. We’ll be happy to get you the information you need to make an intelligent buying decision.