I love fishing and boating. Given our currently choppy and uncharted real estate waters, sometimes humor can be the best medicine. For those who agree, let's set sail. I'll be your captain.
Captain Roy in action
Unless a turnaround happens soon, 2008 may be the first time in 22 years a decrease occurs in the average sales price of mid-Willamette Valley properties. As a result, media reports continue to routinely portray a sinking real estate market. Among buyers, this tends to encourage bottom-fishing. By many accounts, we've also reached a high water mark in home inventory.
After more than two decades of steady market growth, it's important to understand what's behind this sea change. One reason local real estate has floundered a bit involves the lagging of wages behind rising housing prices.
Another issue has to do with the tanking of credit markets. Add to this recent shifts in local, national and even international economics, which together have been dragging the housing sector down like an anchor. As the resultant flotsam, jetsam & lagan washes over our nation, the results are indeed trickling down to our region, making these waters tougher to navigate.
The 'S.S. Market Recovery'
Just remember: Like the ebb and flow of tides, real estate markets tend to be cyclical. This means that rather than ending up deep sixed in Davy Jones' locker, we should eventually look forward to a buoyant market with more liquidity.
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