In 2007, 151 residential listings were closed in Ontario, down 19% from 2006. The average price also dropped a little bit, from $134,763 in 2006 to $130,707 in 2007.
However, the average days on the market in 2007 was 78, down from 113 in 2006. So fewer homes sold, but they were on the market a shorter period of time.
As for my predictions, I 
believe that 2008 will be a reasonably strong year for homes priced below $150,000. There is still good financing available for those homes with low down payments, and since first time home buyers do not have to sell their current home before they buy a new home, I predict that homes in the "starter home" price range will be the easiest to sell with proper marketing.
There will also be some great opportunities for investors out there - I am seeing rents starting to rise and the availability of decent rentals is getting tighter. So now is a great time for people looking for rental property to add to their portfolio. If you have been thinking about buying your first rental property, maybe the time is right for you to make some progress towards that goal.
The higher end market is where we are seeing most of the problem - a larger than usual number of homes on the market and much slower marketing times, so some additional patience will be necessary by sellers of homes over $200,000.
Who will have the best of both worlds? I predict that buyers currently in starter-price-range homes (those under $150,000) will be able to sell their homes and then get a good deal on the larger home they have been thinking about moving up to. So now is a great time for those types of buyers to be jumping into the real estate market.
Barb Hutchinson is a Realtor with RE/MAX Tri-Cities in Fruitland, ID. She sells real estate in SW Idaho (including Fruitland, Payette, New Plymouth, Parma, Emmett, Weiser) and Eastern Oregon (Ontario, Nyssa and Vale in Malheur County). If you are interested in buying or selling a home, call Barb today at 208-707-4663 or visit her website at www.BarbHutchinson.com
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I am a Realtor licensed in Idaho and Oregon, serving Southwest Idaho (Payette, Fruitland, New Plymouth, Weiser, Parma, Emmett) and Eastern Oregon (Ontario, Nyssa, Vale).
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