Will prices go down further? That's a question I am asked nearly every day. The answer is, nobody knows. The only way to know when the market bottoms out is in hindsight, when prices have started to climb again. There are great deals to be had right now because some sellers are motivated and need to sell today. However, there are several factors that point to prices remaining fairly steady in this area:
- Washington's economy is extremely strong with unemployment below 5%! The Washington State Office of Financial Management predicts the state will add another 2 million residents within the next 12 years. All those people will need a place to live and you remember the rule of supply and demand, don't you?
- We have fewer "distress sales", foreclosures, and subprime loans in danger of foreclosure. The rampant foreclosure rates you hear about on the news are happening in relativlely few areas. But we all know bad news sells better, right?
- Interest rates are still at historic lows and first-time buyers are eligible for an $8000 tax credit. This has been pulling some long-time renters into the world of homeownership. As these people enter the market demand goes up and supply goes down. We're back to that law of supply and demand - and back to the days of rising home prices!
Are you thinking of buying a home or just curious about the market today? Give us a call! The S&B Real Estate Team assists people in buying and selling real estate throughout Southwest Washington. We are proud members of Keller Williams Realty - Premier Partners in downtown Vancouver. Our local expertise covers: Vancouver, Battle Ground, Camas, Washougal, Brush Prairie, Hockinson, Ridgefield, Woodland and La Center. If you or someone you know is considering living or investing in Clark County, please contact us. Jamie Carroll can be reached at 360-609-6775 or via the "Contact Us" page at www.MyRealtorIsJamie.com. Steve Borwieck can be reached at 360-241-7305 or via the "Contact Us" page at www.sbreteam.com. We are here to help!