Sponsored by Brett H. Herzer, RE/MAX Direct Realty
“How’s the real estate market in Edmonds?” As a long-time realtor, I’m often asked this question. With vacillating local inventory, changing interest rates, and the increasing popularity of Edmonds amongst all demographics, my typical answer is, “Active!”
Edmonds continues to grow as individuals and families choose to settle here; many of whom purchase real estate. Our close proximity to the water, slowly developing business core, strong arts community, and relatively short distance (though sometimes a longer drive) to Seattle all make our community a special place to live. As the desirability of Edmonds increases, real estate values increase with it. In popular neighborhoods, values have returned to 2007 levels. Some properties have seen 22-25% appreciation in the past 2 years! From any real estate perspective, this increase is remarkable. Why such incredible appreciation in a relatively short time period? Well, as with many things, there’s more than one reason.
The first is a lack of inventory. It’s simply a matter of supply and demand; not enough homes for sale to meet buyers’ needs. This is not necessarily unique to the Edmonds market. Quality neighborhoods in Seattle are experiencing similar appreciation and sparse inventory. Low inventory creates higher prices. Secondly, the Edmonds area offers a wide variety of housing opportunities. Whether you desire a small studio with a view or a 6,000-square-foot home for a family of eight, Edmonds has it all and more. In short, the Edmonds market is a hot one and in terms of appreciation, homeowners are reaping the rewards.
I had a long conversation with a 91-year-old woman at the historic Edmonds Bakery. She recently moved into an assisted living community. She has lived and owned a home in Edmonds since 1944. I asked her, as we enjoyed our pastries and coffee, “What have you liked most about living in Edmonds?” Her answer was simple and rhetorical, “Oh, everything. What’s there not to like? I’m so glad my husband and I bought our first home at a young age. Our investment paid huge dividends. I’m quite happy about that!”
So, will real estate continue to appreciate in Edmonds? Many factors affect both the national and local market. The economic downturn affected all real estate markets and many still struggle to recover. We are fortunate our local economy is strong and were located close to a large metropolitan city. Many Edmonds home owners work in or close to Seattle. The relatively short commute coupled with Edmond’s amenities are positive attributes for supporting continued local real estate appreciation. But its unlikely skyrocketing home values will continue at a pace of the past 48 months. None of us want another real estate bubble! But we’ll most likely see healthy gains as we continue into 2015 and beyond. Low interest rates are good for buyers and strong home values are good for those considering selling.
As my 91-year-old friend at the Edmonds Bakery said, “What’s there not to like?”
Brett Herzer is a long-time Edmonds resident and local realtor. His business, Herzer Homes, is located in historic downtown Edmonds at RE/MAX Direct Realty. Brett enjoys spending time with his family and friends. He also loves taking walks with his black lab Charlie.
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