Hermiston Real Estate Down

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Story Published: Jun 20, 2008 at 7:54 PM PST

By Rudabeh Shahbazi

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HERMISTON-- For the most part, eastern Oregon real estate has been isolated from the downward spiraling national housing trend, but now it's starting to catch up.

"I feel fortunate that Hermiston's market doesn't fluctuate as much as the national trends, but it does follow the national trend," said realtor Fred Oits. "It's usually just a little behind, just not as radical, so our ups and downs are more level."

Last year, houses were being sold before they could be built, but now the market is slowing down. Otis attributes the recent decline in part to politics.

"Election years usually slow down for the six months prior to an election," said Otis. "I think people are concerned with who's going to be elected or what's happening, although it really doesn't affect it. They still need a home to live in."

But the main reason is still the economy.

Previously, people frequently bought homes in Hermiston with the intention of commuting to the Tri-Cities or Pendleton. Now-- with gas prices pushing five dollars a gallon-- Otis says he doesn't see nearly as many commuters buying homes here.

Otis says now is a good time to buy, but there are some things buyers should be aware of before they do.

"In order to purchase a home at this time, their loan is going to be more scrutinized," he said. "It's going to take a longer period of time."

Still, he believes the downward trend will pass.

"It really doesn't bother me that much, because we've seen these trends come and go, and I think that as soon as the election is over with, people will be more confident," he said.

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