Current Trends in the Washington State Real Estate Market
Many people want to know if the market in the Metro Areas of Washington (Vancouver, Tri-Cities, and Spokane) are currently favorable to buyers or not. In fact, this is one of the most common questions we get asked on a day-to-day basis. While it’d be great to just answer this question with a simple yes or no, the reality is that the market is a bit more complex than this.
Whether or not the market is currently favorable to you as a buyer depends on the location and property type you are interested in.
Currently, sales of single-family homes are moving a bit slower than they have in previous years in some parts of Washington State (Vancouver, Tri-Cities). However, while this demand is not as high in some parts of town, others remain highly marketable in stark contrast to this trend.
Here are some other tips about the current market conditions in Washington State:
- The lack of qualified buyers in the single-family home market is keeping prices steady. Rising interest rates and an uncertain market have created a lack of qualified buyers. Those who do qualify in the Vancouver or Tri-Cities area are looking for the same thing: a single-family home in a good neighborhood with access to shopping, transportation, schools, etc. When a property can deliver all this, it’s going to be in decent demand in the current market. However, many properties that do not meet this certain criteria have a very difficult time being sold.
- Condos, Townhouses, and homes off the beaten path are a different story altogether. This is particularly true if the house or condo in question has some unusual features. In some parts of Washington, prices are actually down, favoring buyers. When compounded with the fact that many buyers are looking for single family homes, this can put the sale of a condo at a disadvantage.
- Investment Properties. The Washington real estate market has been affected significantly by the influx of foreign investment funds. Many of these properties have gone without maintenance and have changed hands with little to no repairs. This has created a surplus of available homes in some areas that are less than desirable which has pushed down selling prices.
This means that while there is a decent competition at the top of the market between home owners looking to buy a home for their family as well as significant action at the low end with real estate companies paying cash for less-than-ideal properties, there is not as much movement in the middle of the market.
As confusing as it currently is, the Washington real estate market is changing daily.
The US economy is still in the midst of a shakeup, which means the market is moving quickly in various directions. The Vancouver and Tri-Cities areas are some in which we believe and are proud to rehabilitate properties. If you have questions about or need assistance selling your property in Vancouver, Kennewick, Pasco, Richland, Spokane, or any of the surrounding areas in Washington, we can help! We always pay cash for properties that people need to sell quickly, and we do it without the hassle or costs of listing your property on the MLS with an agent. Give us a call today to see what we would offer for your property.