Every housing market is different just like the weather. Florida is not going to have the same weather pattern as Walla Walla, Washington. That would hold true for the amount of foreclosures on homes that an area has suffered. Washington has a low foreclosure rate, with Walla Walla being one of the lowest. Good lending practices, along with a strong economic environment has most likely been a key factor.
Walla Walla Home Buyers seemed to stall with purchases in December. With media reports of doom and gloom, stating that housing values were decreasing, Buyers understood that to be true in every market. What was not reported was that what was true in some areas, others were not effected. In December all were affected by constant reports in print and on National News television. In January and February, Buyers are back in the market place. They don't want to wait any longer.
So what are the benefits in purchasing a home in the Walla Walla Valley in 2008? If you were a home Buyer here in 2006 and 2007, you probably experienced a lack of choice in finding a property that fit your needs. Finding a new home was even harder. Interest rates were higher then than they are today and home prices were rising 4-6% each year. Today's home buyer has a good selection of homes to choose from. Interest rates are lower and FHA limits are on the rise. The Walla Walla Valley now has more new housing choices available to the consumer. We see many second home buyers in our market. Those moving to the area are finding that it is almost easier to purchase a home than to find a rental. Single family rentals can be hard to come by. Most renters are signing leases for 6 to 12 months at a time, when they can find them.
How long will this last? Just until the next trend arrives. Real Estate can be a good investment in the Walla Walla Valley.
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