A Year in Review
2020 Was a Year of Lessons for the Property Management Industry
Hopefully, Happy Days are to come and good-bye 2020!
It’s been confirmed again, Tacoma is the hottest property market in the country! Not only for rentals but also for Real Estate sales.
Our Blog This Year
Our blog posts have covered quite a few exciting subjects this year. Topics like showing properties virtually, keeping COVID safe, and keeping abreast on Landlord Tenant Laws and State regulations. However, for the final entry of the year, our Safe Harbor Year in review will focus on the positive.
In the News
Last week, KOMO 4 led the newscast with this story. According to Real Estate website Redfin, the average time to put a home under contract in Tacoma is down to 6 days! A year ago, the market was white-hot, and homes went under contract in 21 days! Additionally, 58% of homes closed for prices above the listing price. Additionally, Tacoma prices were up 17% above their already increasing prices.
Seattle also is experiencing another housing boom, with their prices up just over 13% from last year.
So how does this affect you? First, now more than ever, you need to have an experienced partner on your team. It will take an extra set of eyes to make sure your properties are kept in a condition that remains an asset. And, if you decide to purchase more properties to add to your portfolio they aren’t over-priced. This gives you confidence, an extra set of eyes, and a professional opinion that gives you peace of mind.
Should I wait?
Second, this may be the right time to sell some of your properties to upgrade and realize increased depreciation. Yes, prices are high now but bring us along for the discussion to see if this is the right time to capitalize on your investment or if you should wait a while.
Maximize your profitability
Lastly, there is always money to be made in all real estate market conditions. That is where we come in…to make sure to maximize your profitability. For decades, Safe Harbor has empowered our clients to be successful in good and bad market conditions.
We are looking forward to an awesome 2021!