Market - is it getting crazy?

Question

Hey BP, I see the housing market is going crazy in Tacoma area.  What is inventory like there?  Are homes getting multiple offers or still a surplus on inventory side? Also, does anyone have a good realtor/real estate agent they could recommend?

Matthew Gleason · Answer

I would sell it especially if you have a negative cash flow on it.  Just list it but that northend and southend are very different markets the dividing line is 6th Ave to division st hopefully you can get out of the property for what you have into it best of luck

Ryan Kurth · Answer

I agree with David, with the caveat that is less and more true depending on the location/quality. If it's in the north end, it will still be gone in a day even if it's ready to fall down if the price is somewhat close to okay. I think some investors in the north end are buying at "retail," closing their eyes and hoping it works. In the south and east ends, it's really a block-by-block.

Dan Krupa · Answer

Thanks @Cailyn Aune, we are very happy with the situation.  Hope all is well with your KC property.

Cailyn Aune · Answer

@Dan Krupa - Way to go. That sounds like the best plan, considering the market. Way to take action, and get that thing wrapped up. Especially if you were wanting if off your plate anyway. Seems like you have a solid plan.... way to go!

Dan Krupa · Answer

@Cailyn Aune, that is exactly what we decided to do lol.  Market is crazy hot. If we listed as is we FMV is 175k.  We are headed out there in a few weeks and are going to do some rehabbing and put 10k into it. Conservatively we are speaking 190k up to 210k.  So all said and done, after realtor fees and the tax man, we will come out a head in the long run. If the market stays hot we will use a portion of the profits to reno our property in Puyallup next year and 1031.  Happy would be an understatement.

Cailyn Aune · Answer

Hey there @Dan Krupa- what did you decide to do? Never hurts to list it and see what happens....

Cole Russell · Answer

@Dan Krupa, looks like you bought it at the peak and then PCS'ed?  If you need any assistance from another AD guy in the area let me know, my wife is also a full-time realtor in the area and would be happy to pull a good CMA for you.

Dan Krupa · Answer

@David Pierce, @Ryan Kurth, and @Matthew Gleason, thank you for weighing in gentlemen. Great information. Unfortunately I bought the property in South End in 2007.(98444 zip)  It is a C class neighborhood that is safe. However, a few blocks away...not so much.  Do you guys have any thoughts on that area? I have two other properties that are doing great but that property is big time negative cash flow.(it is on a 15 year mortgage with 12 years remaining) I am leaving the Army after 12 years, in Jan of 2017, and don't want to supplement that property anymore.  Any advice on if I should sell it this summer or next summer?

Thanks guys.

Matthew Gleason · Answer

Ya I would agree I invest in tacoma as well and an sort or decent priced property is moving quick I think in part because some people that aren't investors are looking outside of seattle due the price of seattle are making tacoma the same way to a lesser extent

Market - is it getting crazy?

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