Are we there yet?
The current inventory for Vancouver, Washington homes appears to be about 12.7 months worth (meaning, at current rate of sales, and no new homes coming on the market, it would take 12.7 months to sell everything available today). This is the third month in a row. I've
seen pretty minimal movement in the ratio of active homes to pending sales, so could this mean bottom of the market? Alas, that's probably more wishful thinking than anything. At least we are nearing the date when people can finally stop holding off 'until after the election'. And perhaps that's what that stall is - people just waiting.
The local paper, The Columbian has a little factoid showing that the number of closed sales (actually they said sales - I'm assuming closed) in September of 2008 (478) is about 1/3 of the number of sales for September 2005 (1284). Ironic isn't it? We have all-time excellent buying opportunities with low prices, low rates, low demand, and nobody's buying! Look, this is an excellent opportunity to get
your family 'in the Trump Way' - times like these are when fortunes are started!
Have a home to sell before you buy? Look at what your options are - perhaps this is the time to let go of your old home for the chance to buy the new home at a substantial discount. Perhaps this is the time to acquire your next home and rent out your current home? Maybe you're in a position to carry the loan on your current home? Everyone's situation is different, and it's important to look at the possibilities and consequences equally.
My advice to sellers right now, is if it's been on the market 30 days and you don't have an offer,
DROP THAT PRICE. If you're a buyer - I'm not going to say 'wait'; I'm going to say, WATCH
THOSE INTEREST RATES, and be ready to act!
Lynn Krogseng
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