Sales activity is on an upward trend in Southwest Washington.
July’s housing inventory for SW Washington dropped to 7.3 months of inventory. That means that at the rate homes are selling, we will run out of homes on the market in 7.3 months (active listings/closed sales).
In July 2007 the inventory was 7.6 and in July 2008 the inventory was 12.7! The highest was 18.6 in February, 2009. So as you can see, our 7.3 months of inventory is a definite improvement.
When driving around you may notice that builders are starting to build again, but most of the houses are small and built on small lots.
Areas that seem to be holding their value based on the average sale price change in last 12 months are SE County at 5.6%, Cascade Park at 2%, West of I5 (near Ridgefield) at -4.2%, Battleground at -7.8% and Lincoln/Hazel Dell at -8.1%. The average sale price change for all of SW Washington is -14%.
The average days a home is on the market for all of SW Washington is 162 days. It should be noted that short sales increase this average. A seller that wants to sell their home without a 3rd party involved may sell in a shorter time if their home is priced right. Also, it’s not uncommon right now for homes to get more than one offer on them.
It’s a great time to buy a home; however, time is running out to get in on the $8000 income tax credit for first time buyers. For more info about the SW Washington market, contact me!
These residential statistics are based on monthly figures reported by RMLS™ of which I am a member.
There’s an urgency in the air. If you’re keeping up with the real estate market at all, you know that time is running out to get in on the $8000 income tax credit.
The closer we get to the deadline, the less time a buyer has to close a deal in time. Lenders are getting busy, they are running out of time to work the loans in time for the deadline.
Thinking of buying a short sale before the deadline? You might as well forget it unless you’re already in line at the bank. They take a long time with no guarantee the bank will look at your offer in time, much less make a decision. And if the bank doesn’t take your offer after all your waiting, you have no deal and then you have to start over again–with less time. On top of all that, most short sale homes already have multiple offers waiting in line at the bank. Key word: “WAITING.” Waiting means time and as we know, time is running out.
Yes, I’m being blunt. When you are running out of time, you have to focus your search efforts and look for the deal you know you can close.
It’s all a timing and waiting game. I’m reminded of the rabbit in Alice in Wonderland, …I’m late, I’m late, for a very important date. No time to say “Hello!” “Good bye!” I’m late, I’m late, I’m late… 
Of course there is the option of not caring if you get the $8000. In that case, you can spend your time searching for the perfect deal. Maybe you will get a short sale for such a good price that getting the $8000 becomes insignificant because of the amount of money you saved on the house.
Honestly, the deals are out there. Getting the $8000 can be less significant if you save a lot of money on the price. Of course, then there’s the issue of interest rates going up and down! UGH! It is always something.
It’s all about perspective (how you look at things) and where you place your priorities. Perfect timing shows itself after it happens!
Determine your needs and wants. Do you need the $8000 to buy? Do you need a good interest rate? Do you need the lowest price? Do you need to buy now?
Do you want to buy in the Clark County area? I’m available to discuss the buying opportunities here–pressure free!
Visible basement wall cracks inside.
When looking to buy or rent a home, there are some things that don’t require an engineering degree to figure out.
In these pictures notice the cracks in the basement wall on the inside, see the mold growing on the wall and the obvious cracks in the foundation on the outside. Take note that the tree outside is located right where the crack is on the inside. This is a good example why we should never plant large trees close to a foundation. (Click pictures for larger view.)
This home was built in the 1940’s. The original foundation is brick & mortar. At one time the foundation was resurfaced with another product over the original foundation. Now that resurfaced product is cracking on top of the original mortar that has obviously lost it’s integrity over the years.
With so many homes to choose from, there are times when a site inspection by a buyer or renter can eliminate a home from their list based on obvious structural issues like these. Once you find a home you really like, I always recommend an inspection by a licensed professional to find any less obvious problems.
NOTE: The house in these pictures was rented by a friend of mine who prioritized rental cost over structural warning signs. Unfortunately for her, the mold effected her so bad she had to break her lease and move out. She may have saved money on rent, but in the long run the cost of legal advice and moving twice ended up costing more. Don’t make the same mistake she did; heed the warning signs and get an inspection.
Visible mold growing on the wall.
Outside corner where crack is located inside.
Obvious foundation cracks.
With recent media coverage regarding the death of three iconic celebrities within one week of each other, it reminds me to never take each day for granted. Live life with love and peace in your heart, for you never really know when your book of life will end.
Make a difference. Live with relevance. Life is full of opportunities. Follow your dreams.
