Values in Gig Harbor are on the move?

Low interest rates are certainly a factor in our surge of appreciation but rates affect housing throughout the entire state. While interest rates can put upward pressure on homes, they can put downward pressure on prices as well. With that in mind, Gig Harbor has some unique things going on that will probably keep our market moving, even when interest rates start to go up.

I believe the appreciation in the area is being fueled by several factors:

1) Gig Harbor has a new bridge on the way and that is opening the door to lots of people who were unwilling to live here beacuse of the current traffic issues associated with the bridge. Prices really started to move just as the bridge construction started.

2) There is a new shopping area in town and it gives the impression that Gig Harbor has finally arived. Some of the tenants include Target, Home Depot, Albertson's, Starbucks, Petco, and Office Depot. Costco is also trying to move here.

3) We are running out of lots to build on. There is a lot of land but the current zoning is not conducive to creating affordable lots for builders. The age old concept of supply & demand is a powerful force.

4) Lower prices than competing areas. When people start comparing Gig Harbor to other areas they find that you get a lot more for your money in this little fishing village. Until our prices meet or exceed those of competing areas, our prices should continue to increase.

5) Quality of life - Gig Harbor has something special to offer that is not easily found.