Year-Over-Year Home Prices for Equestrian Properties May Be Flattening

 

 

Equestrian home prices in the Puget Sound region seem to have hit a plateau this spring – with the possible exception of Pierce County, where values are up compared to last year.

 

 

 

 

 

 

 

 

 

Pierce, Kitsap and Thurston counties are all still attractively priced compared to King County. Equestrian properties are selling fairly quickly, most notably in Thurston County. Inventory levels continue to fluctuate seasonally but remain relatively low, benefitting sellers.

 

Current Market Conditions

 

  • According to a recent report from Redfin, Tacoma is currently the “hottest” housing market in the country. Inventory levels are low, and homes are selling quickly.
  • Median home prices in Seattle and King County are on the rise again after experiencing a significant dip at the end of last year, but prices still haven’t reached the peaks seen in early 2018.
  • Geopolitical uncertainty has been applying downward pressure on mortgage interest rates, with 30-year fixed rates dropping below 4% in June. Windermere Chief Economist Matthew Gardner doesn’t expect to see rates over 4.5% before the end of the year.
  • Depending on the outcome of trade and tariff discussions with China, the cost of some building materials could rise as much as 25% this year – a cost that would almost certainly be passed on to home buyers already struggling with housing affordability.
  • Though wages have failed to keep pace with rising housing costs for years, wages for Washington workers did increase an average of 5.5% across all industries in 2018 – a step in the right direction.
  • Apple has announced that it will be bringing 2000 new jobs to Seattle’s South Lake Union in the next five years, increasing the demand for housing in the process.
  • Concerns about a potential economic slowdown persist. A Wall Street Journal survey of economists and a Duke University survey of CFOs both predict a recession in 2020.

 

Because of the unique considerations involved in buying or selling a horse property, relying on a Realtor with real world equestrian experience makes good sense. If you’re thinking about buying or selling a horse property in the Puget Sound area, please give me a call to discuss how I can put my knowledge and experience to work for you.

 

 

 

 

Jeff Williams is a top-producing Realtor with Windermere Professional Partners, specializing in equestrian home sales in King, Pierce, Kitsap and Thurston counties.
Jeff Williams: (253) 303-1135

 

 

 


Posted on August 1, 2019 at 11:15 pm
Jeff A. Williams | Posted in Buying or Selling Horse Property |

Western Washington Horse Property Values Decline in 2nd Quarter

 


Posted on July 28, 2018 at 11:23 pm
Jeff A. Williams | Posted in Uncategorized |

Is the Real Estate Market is Starting to Cool?

 

Jeff Williams is a top-producing Realtor with Windermere in Tacoma specializing in the purchase and sale of Equestrian Properties in Western Washington.   Click here to email Jeff or give him a call at 253-303-1135.

 

Posted on July 3, 2018 at 10:49 am
South Sound Property Group | Category: Uncategorized

Posted on July 3, 2018 at 5:55 pm
Jeff A. Williams | Posted in Uncategorized |

1st Quarter 2018 Equestrian Property Sales Results


Posted on April 23, 2018 at 5:52 pm
Jeff A. Williams | Posted in Uncategorized | Tagged , , , , , , ,

How to get the most money for your horse farm without spending a lot of money

As a Realtor who specializes in listing and selling horse properties in Western Washington, I’m often asked by sellers what they should do to get their horse farms ready for sale.  So… I thought I’d compile a list of recommendations – things that don’t cost much money but will maximize your sale price.   It’s important to understand that a prospective buyer will only be interested in seeing your property if it checks off enough boxes on their “must haves” list.  Stall count, arenas, pastures, tack rooms and of course the house itself are all included on that list.  Your task as a seller is to improve your property before it goes on the market so that it checks off as many of those boxes as possible.  It seems like common sense, but you’d be surprised at how many people are unwilling to put the effort into preparing their property for sale.  Don’t be one of those people!  If you need guidance, I’d be happy to help.  Just give me a call or email me.  My contact information is below.

Pressure wash everything:  Fencing, painted wood and vinyl look terrible after the winter so pressure wash all of it.  Pressure wash mud and dirt off the interior and exterior of your outbuildings, get rid of the dust and cobwebs inside your barn and get moss off the roofs.  Touch up paint while you’re at it.

Create an arena if you don’t have one: A lot of people have a riding pad somewhere on their property, but they never go to the trouble of fencing it or bringing in footing.  Fence your riding area and drag the ground so we can photograph it as an arena and market it as such in the MLS.

Declutter the grounds, house and barn: Get rid of everything that doesn’t have a permanent home under a roof.  This applies to extra vehicles, tractors, tractor implements, wheelbarrows and anything that’s just out in the open and covered with a blue tarp.  That moldy 1980’s horse trailer with flat tires and the truck that doesn’t run have to go.

Maximize your stall count: I often see barns that only have two stalls (because the owners only have two horses) but that still have space for additional stalls.  Finish those out with walls so we can market your barn as having four stalls instead of a two.

You can’t have too much gravel: If you have a gravel driveway or gravel parking areas around your barn, make sure they don’t have potholes or standing water.  I can’t tell you how many times my buyers have been turned off by a property simply because of a rutted, muddy driveway.

Fix broken fencing: Whether you have board or vinyl fencing, make sure it’s in good shape.  Get rid of chewed or broken boards and rotted posts.  Make sure all of the gates are operating properly.  If you have wire fencing in your pastures, make sure it’s tightened all the way around.  If you have wire fenced paddocks next to the barn for direct turn out, I recommend replacing the wire with wood or vinyl.

Get rid of standing water: Mud is your enemy.  If you have standing water in paddocks, arenas or other areas, trench it, install drainage tubes and get the water away from the structures and riding areas.  Make sure all your gutters are in place and working properly to keep water away from the house and outbuildings.  Put down gravel in paddocks if they are muddy.

Mow everything: Mow your pastures and yard areas prior to photography and keep them mowed regularly while the property is on the market.

 

Jeff Williams has been riding and showing American Quarter Horses since childhood and is a top producing Realtor with Windermere in Tacoma, Washington.  If you have questions about this information, please contact Jeff at (253) 303-1135 or email him at JeffWilliams@Windermere.com.


Posted on March 13, 2018 at 6:53 pm
Jeff A. Williams | Posted in Uncategorized | Tagged , , , , , , ,

4th Quarter 2017 Equestrian Property Sales Data by County


Posted on January 26, 2018 at 12:42 am
Jeff A. Williams | Posted in Uncategorized | Tagged , , , , , , , ,

Equestrian Property Values Rise Again in 3rd Quarter


Posted on October 26, 2017 at 12:10 am
Jeff A. Williams | Posted in Uncategorized | Tagged , , , , , , ,

Equestrian Property Values Edge Higher in the Second Quarter


Posted on July 21, 2017 at 4:47 pm
Jeff A. Williams | Posted in Uncategorized | Tagged , , , , , , , ,

Prices for Western Washington Horse Properties Continue to Climb


Posted on April 20, 2017 at 6:00 pm
Jeff A. Williams | Posted in Uncategorized | Tagged , , , , , , ,

Low Inventory of Equestrian Properties Drives Higher Prices


Posted on January 11, 2017 at 8:15 pm
Jeff A. Williams | Posted in Uncategorized | Tagged , , , , , , ,