If you are interested in buying a home in Gig Harbor, now is a great time; the market is clearly in favor of the buyer. The market may go down a bit more or stay flat for a while but you should take advantage of the time to pick the best properties without having to compete with a lot of other buyers.
What is the best price range to invest in when buying residential real estate? I like the entry level market. It is the price range that most people can afford, the most limited segment of the market, the price range that appreciates the fastest, is the first price range to go up and the last price range to slow down. Now those are good reasons!
The other thing I like about the entry level price range is it requires less money down to make the property cash flow or break even. All markets have different entry level markets – some are extremely affordable and make great investments, others are just priced way to high to make sense. To determine the entry level market in any market place you need to see the inventory and the sales. Market condition reports and absorption rate reports will clearly demonstrate the entry level price point as well as the most active price point. Market condition reports for Gig Harbor can be seen at GigHarborRealEstate.com/market-condition-report.htm . Absorption rate reports can be seen at GigHarborRealEstate.com/absorption-rate.htm .
If you referred to the market reports you will have seen that the entry level market in Gig Harbor is right around $250,000 - 300,000.
Gig Harbor has relatively few lots left to build homes on and is expecting a large influx of people and jobs with the new developments under way that include Costco, the new St. Anthony Hospital, and the Uptown Gig Harbor mixed use center that sits on 29 acres in the 4700 block of Point Fosdick.
Now is a great time to invest in Gig Harbor!
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