Home sales keep rebounding in the Tri-Cities
TRI-CITIES, Wash. -- KEPR is always following the housing market here in the Tri-Cities. It's a great indicator of our current economy and what's to come. The housing market can be a snapshot of the economy and its future. The summer months are known to be the biggest months for home sales. KEPR found out housing sales are pacing slightly ahead year to year, comparing January through August figures. 1,902 homes sold between January and August of 2011 compared to 1,936 in the same time period this year.
Andrea Schadewitz can't help but pick up a flyer when she sees a home for sale.
She says, "It does have a garage... I like that. I really need one of those."
She's trying to sell her house and move.
Andrea continues, "I'd really like to improve my neighborhood location, that's why I'm here."
Lucky for her, shoppers and market professionals agree it's a buyer's market right now in the Tri-Cities. For sale signs stand in neighborhoods across Kennewick, Pasco and Richland.
"There's some great deals right now."
The Tri-Cities has had a strong housing market even through the recession. About 2,200 homes sold in the Tri-Cities through September. Still, those sales are part of a decrease in the region covering the Tri-Cities, Walla Walla and communities south of Spokane every year since 2009. For southeast Washington, roughly 3,200 homes sold in 2009, compared to roughly 3,000 in 2010, and then a rebound of 3,175 in 2011.
Reporter Melanie Tubbs asks, "So why aren't people buying?"
Port of Benton's Executive Director, Scott Keller explains, "Because they're a little bit nervous. Maybe the election, the overall economy that's hitting us now after the lull that hit the United States two years ago."
Compare the Tri-Cities to the national average for a city our size. If we are in a bubble that's not likely to trickle down for another couple years, the outlook doesn't look bright. Since 2009, the national housing trends haven't significantly improved. Yet, they haven't fallen off either.
Realtors and economists remain optimistic. They don't believe the Tri-Cities will sink too deeply if we continue to market the community as a whole.
Keller says, "We always talk about the Tri-Cities and how great it is to raise a family. People are looking at that right now and great weather and the prices are so reasonable."
Just more good news for buyers like Andrea. She looks around the corner of the house and shouts, "It has a garden!"
Taking advantage of a market that could give her a new home and new hope for our local economy.
So what about you sellers out there? It could be looking up in a couple weeks. KEPR found out that the month of November is the best month to sell in the Tri-Cities. For every 100 homes on the market, 20 of them sell in November.
*Editor's note: At the time of its original airing, this story noted sales were down year to year. This was an error. Sales had fallen for the region in recent years, but sales are up year to year for the Tri-Cities in the months covering January through August.
Andrea Schadewitz can't help but pick up a flyer when she sees a home for sale.
She says, "It does have a garage... I like that. I really need one of those."
She's trying to sell her house and move.
Andrea continues, "I'd really like to improve my neighborhood location, that's why I'm here."
Lucky for her, shoppers and market professionals agree it's a buyer's market right now in the Tri-Cities. For sale signs stand in neighborhoods across Kennewick, Pasco and Richland.
"There's some great deals right now."
The Tri-Cities has had a strong housing market even through the recession. About 2,200 homes sold in the Tri-Cities through September. Still, those sales are part of a decrease in the region covering the Tri-Cities, Walla Walla and communities south of Spokane every year since 2009. For southeast Washington, roughly 3,200 homes sold in 2009, compared to roughly 3,000 in 2010, and then a rebound of 3,175 in 2011.
Reporter Melanie Tubbs asks, "So why aren't people buying?"
Port of Benton's Executive Director, Scott Keller explains, "Because they're a little bit nervous. Maybe the election, the overall economy that's hitting us now after the lull that hit the United States two years ago."
Compare the Tri-Cities to the national average for a city our size. If we are in a bubble that's not likely to trickle down for another couple years, the outlook doesn't look bright. Since 2009, the national housing trends haven't significantly improved. Yet, they haven't fallen off either.
Realtors and economists remain optimistic. They don't believe the Tri-Cities will sink too deeply if we continue to market the community as a whole.
Keller says, "We always talk about the Tri-Cities and how great it is to raise a family. People are looking at that right now and great weather and the prices are so reasonable."
Just more good news for buyers like Andrea. She looks around the corner of the house and shouts, "It has a garden!"
Taking advantage of a market that could give her a new home and new hope for our local economy.
So what about you sellers out there? It could be looking up in a couple weeks. KEPR found out that the month of November is the best month to sell in the Tri-Cities. For every 100 homes on the market, 20 of them sell in November.
*Editor's note: At the time of its original airing, this story noted sales were down year to year. This was an error. Sales had fallen for the region in recent years, but sales are up year to year for the Tri-Cities in the months covering January through August.
Let us learn by this event. This is a disappointing story as it does not accurately portray the health of our Real Estate Market and local Economy. It contains some factual errors. This is what happens when not enough investigation goes into analyzing the numbers and getting the opinions of those who are in the industry.  Unfortunately, the viewers who saw this piece already have received the wrong impression of the current market conditions.Â
Thank you Lola for providing ACCURATE and verifiable information on our current and past market data. It's too bad that Ms. Tubbs chose to sensationalize her story and provide "doom and gloom" instead of reporting substantiated market data. (Oh and Melanie...REALTOR does not have an A between REAL and TOR in it's pronunciation)!
The TriCities Association of Realtors owns and operates the Multiple Listing Service serving the greater TriCities and Benton City areas. The vast majority of sales in this area are handled by Realtors, members of our Association, and are transacted using the Multiple Listing Service. The MLS tracks comprehensive statistics on numbers of listings, numbers of sales, sales prices, etc. The statistics, as well as anecdotal reports from our members, simply do not bear out what was reported in the above article.Â
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There were 3355 homes sold in 2009, 3288 homes in 2010, 2881 homes in 2011, and 2165 homes through September of this year, putting 2012 on a par to finish at a number similar to or slightly above last year. The market trend is upwards, and the outlook is indeed bright. Sales prices have slowly and steadily increased, from an average of $188,000 in 2009 to an average of $201,900 through September of this year.Â
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Ms. Tubbs mentions that November is a good month to sell. I would submit that any month in our market is a good month to buy or sell. The months of March through December in 2009 through 2011 and year to date through September of this year, are very similar in number of sales. So, statistics provide the proof that the market is very active and houses are selling at a steady pace, averaging nearly 300 per month with only a slight reduction reported in January and February of each year.
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We respectfully submit that the information contained in the article by Ms. Tubbs is woefully inaccurate, portrays a negative and completely untrue picture of the real estate market in our area, and should be publicly corrected. The TriCities real estate market is active and growing, with the number of listings, number of sales and sales prices all up over last year.Â
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Mortgage interest rates are at an all time low. Loan underwriting standards, while more stringent than in years prior to 2009, are beginning to relax slightly, and housing prices remain low but are increasing as stated above - so it is an ideal time to invest in real estate, especially in the TriCities.
I've made two fair offers in the last two weeks, the Sellers rejected both. Keep in mind sellers, it's not how much you think your house is worth, it is what a buyer is willing to pay that will decide the value. I have a home in another state I would love to sell for the discounted price I bought for, half of what it was once assessed by the county where it is located. It's not worth what I paid for it. Prices are going to be lower, take the offers or take it off the market. You have hundreds of more apartments than ever before, rental prices will go lower, values will go lower. Just they way it works.
@DeH ....it is likely that in your out of state market....you paid much more than it was worth to begin with....which is "why" it isn't worth that now. ( I apologize if I misinterpreted your post) You were willing to pay that for the home at that time and the selllers were happy to take your money. In the Tri City area we have appreciated steadiliy and not in an exaggerated manner that the rest of the US has....which is why we didn't experience the "bubble" and drastic drop in prices. You are correct in that a home is worth what a buyer is willing to pay for it....however there is a market value associated with the price of the home when listed. Sellers often think their home is worth more than the Realtor has determined by doing a comparable market analysis (if done correctly!). That said....even though you may have tried to get a "great deal" and mimick your out-of-state's home market....that doesn't mean that a seller here is desperate to sell to you. Also keep in mind...your idea of "fair" may not be the "market's" idea of fair. As far as your comment about apartments....you are correct....the rental prices WILL go lower. However, the American dream of homeownership will continue to be alive and well and apartment availability rarely affects real property values.  Â