Jeremy Linder

Storm cleanup continues in Clatsop County, many still have tarps covering wind ravaged roofs and most of us won't have any need to look beyond our yards for a firewood supply for the coming year. While the housing market statistically showed signs of improvement through the close of 2007, December proved to be the exception as inventory increased and closed transactions decreased. If you keep in mind December numbers were heavily influenced by the huge storm and holiday activities, market trends indicate that 2008 will be a "rebuilding year". As the market continues to correct, we're starting to see inventory levels begin to level off with demand and prices start to stabilize. While the last 18 months has been far from a hot market, the Oregon Coast has been pretty well insulated from the trends of FL, NV, AZ and CA. From where I stand, the first quarter will be similar to the last half of '07 and the market continue picking up through year end. The good news is most properties have continued to appreciate throughout all this, and will continue to do so. While the second home market has slowed some, the recovery of hard hit metro's in the West will increase buyers looking for investment properties and vacation homes here.

With all that said, it is still a buyers market here and sellers must remember that price is #1. Buyers have come to expect a home to be in perfect condition, or discounted accordingly. Buyer credits or allowances for carpet or paint just don't cut it any more, and if your home is in need of these it must be priced to reflect this. Also, most homes will benefit from a pre-listing home inspection to ease buyer apprehension over hidden defects and/or concerns over deferred maintenance.

Although it will still be sometime until the market is back to the boom years, I think 2008 is shaping up to be a great year. Rates are low, lots of great loan programs are still available to buyers and as the media begins to shift its focus from the doom & gloom of the housing market to election news consumer confidence should show an overall increase.