As I sit at my desk on the last day of this year thinking back on 2008, I amazed by what a wild ride it was. It is very different than how I pictured it would go, but overall it was not as bad as I had thought it could be, in regards to real estate.
2008 proved to be a difficult year for many sellers struggling to sell their home for maximum dollar and move on to the next chapter of their lives. Throughout 2008, both King and Pierce Counties had more homes on the market than they did in 2007. Perhaps more sellers wanted to take advantage of buying in this buyer’s market, so they put their homes up for sale. Other sellers had plans of selling their home to retire and relocate; some needed to relocate for their jobs; and others needed to sell their investment properties. While not every seller experienced success in selling this year, NWMLS statistics show that as of December 1st, 2008, there were 56,864 property sales in the Puget Sound over the first eleven months of the year. This shows that people did buy homes in 2008, despite what the media tells us. NWMLS data shows that as of December 1st, 2008, there are currently 69,905 properties still for sale in the Puget Sound area.
This year was an excellent one for home buyers – especially first-time home buyers. I had more buyer sales than seller sales in 2008 and I have a feeling that this trend will continue through 2009 as home prices dip lower into the first-time home buyer price range. On average, my home buyer clients paid 96.43% of the seller’s asking price, at the time we wrote the offer. It was a very good time to be a buyer, and it still is today!
I remained optimistic throughout 2008, and I think that is what attracted my clients and me to one another. While 2008 did not prove to be my very best year in business, it was still a good one and I credit that to the many wonderful clients I had the opportunity to work with. I am very thankful to have met some really incredible buyers and sellers this year, and I am honored that they selected me as their real estate advisor for their real estate needs. When I look back at this past year it is the people I remember, and it is these wonderful clients that make up my happy memories of 2008.
Although things won’t change overnight, I am filled with hope that 2009 will be a good year. It will be another year of adjustments as we re-price listings to the current market price, and I’m sure that buyers and home owners alike will benefit from the low loan rates and the new loan programs that will be unveiled in 2009.
My wish for you and your family is for 2009 to be a fantastic year of new beginnings, filled with happiness, love, excellent health, blessings, and fun experiences. Happy New Year, everyone!!