Washington's Desert has 'Anti-National' Market

Ahhh...spring! The desert blooms, the hills turn green, the orchards and vineyards bud--it's beautiful! Everyone feels alive and invigorated. Then, there's the real estate market.

What a difference from the rest of the country! Looking at the numbers, we experienced a slight slow down last year, but compared to what? Our record years? Yeah! A mere blip when looking historically. We rarely follow the trends of the nation because we live in a bowl (well, really a basin) and have a strong and growing economy. Did many people get scared during the last quarter of last year? Yes. But as soon as our unusually cold and icy winter became more normal (no snow) the buyers warmed up and got out there to buy some houses.

Normally, spring also brings new sellers, but they seem to be a bit skiddish. The number of available homes on the market is not increasing this spring because the sellers are afraid they'll have to give their homes away to get them sold. They really only need to have a REALTOR price it right and be honest with them.

Banks have been slow to start lending money to builders for spec housing. Which means the buyers are fairly limited to the homes that are up if they want new construction. The other option is to complete a custom or pre-sale transaction in order to provide funds for building their home.

So, where does that put us now? Headed for a sellers market, that's where. Does anyone believe it? Not many. Try as we may to get sellers to list their homes, they are still reluctant. Our state legislators and community leaders have stated several times that new jobs are coming to the Tri-Cities, and sellers are still reluctant.

What happens next will be determined by how deep of a sellers market we get into. The obvious solution is to get more homes available so buyers can make choices. But, do we see it coming? Not yet. Therefore, if you know someone living in the Tri-Cities, please let them know that now is a good time to sell. They'll thank you for it in the long run!

Marchell Mascheck, REALTOR, GRI, CNE, CSP [MmPurple.com]