(509) 771-WIND (9463) lisahanley@windermere.com
Yes, it is painfully obvious that the real estate market remains down. BUT, hold on there Little Buckaroos… don’t get too worried yet! The numbers actually are better than expected, and bear in mind that Grant County is a relatively small market, so pay more attention to the numbers than the percentages.
Using quarterly figures from Northwest MLS, Grant County has seen increases in both solds and pendings in the 4th quarter of 2009. The number of single-family homes that have gone pending (under contract but not closed yet) in Grant County is up 12% from 110 in 4th quarter ’08 to 124 in 4th quarter ’09. Sold homes are also up 11% from 142 in 4th quarter ’08 to 158 in 4th quarter ’09. The increases are due to several factors including the obvious, such as the home buyer tax credits (recently expanded to include current home owners), and the less obvious… the rapidly expanding pool of short sales and foreclosures hitting the market, as well as improved weather conditions.
Interest rates have miraculously, and against all predictions, remained low. The most recent news from the feds is that, for now, they are going to keep them as low as possible. This should result in brisker than predicted market activity. The graph below shows the current active, pending, and sold for the last 15 months. Be sure to pay attention to the month to month comparisons, as well as the overall trends.
Summary: It is still an AMAZING time to buy. It is a respectable time to sell if you approach it pragmatically, get educated information about how to prepare your home, and set the most realistic price point. Homes are still selling…you want yours to hit the ground running!
