Horse properties are selling quickly, and prices are on the rise in all counties. Despite the frenzied pace of the real estate market, it’s important to note that the underlying fundamentals of the market remain solid. Housing demand continues to outpace supply nationwide with just two months of available inventory (compared to 11 months of inventory in 2007). Strict lending guidelines have helped keep mortgage default risk low, and home equity levels are extremely high. 41% of Washington State homeowners have at least 50% equity in their homes. Taken altogether, these factors make a 2008-style market correction unlikely.
69 equestrian properties were sold in the first quarter of 2021 in Pierce, King, Kitsap and Thurston counties – a whopping 30% increase in sales activity when compared to the first quarter of 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.