Sunrise in Wenatchee, Monday August 20, 2007 Wenatchee, Washington has literally been one of the hottest real estate markets in the nation for quite some time. Are we seeing a bit of a slowdown? Well, sort of but it's not what you might think.
Demand is absolutely not waning for property and homes in the Wenatchee Valley. We were a well kept secret that is no longer a secret, thanks to all the national publicity we have been receiving.
What IS happening (IMHO) is we are being affected by the softening market in other parts of the country. For example, I have clients relocating here from Nevada. And, although they do not HAVE to wait to sell their home in Nevada, they do WANT to wait. They don't want two mortgage payments while waiting for the other home to sell. They WILL buy a home here. No question about it. It may not be this month, but they will eventurally buy.
I think that is one factor of the so-called "slow down". These people WILL buy, so we are not going to lose business. We just need to have patience.
The other factor, of course, is the lending crisis. Again, I do not anticipate this will affect the overall market that much, at least for me. The conventional lending products are still out there... alive and well. It is the marginal borrowers who will not be able to get financing at this time.
The money pendulum has swung from one extreme to the other. You can no longer get a loan just because you breathe air and have blood running through your veins.
In Wenatchee, we are in a lending correction right now, not a real estate market correction. There is still high demand. We just need to let the other factors work themselves out so we can fill the demand and get back to business as usual.
For people who need to sell right away, I can only suggest doing everything necessary to make your home stand out in the market as a jewel... AND price it right. If you don't need to sell, remember patience is a virtue.
And, Remember:
Information Is FREE. Knowledge, Experience & Integrity Are Priceless
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