Prospects look positive for Tri Cities housing market

The real estate forecasting company, Local Market Monitor, indicates a strong real estate market for the Tri Cities again this year and recommends that the Tri Cities is a place where investing in housing is a good move. They have placed the Tri Cities 4th on the list of 10 smaller communities with strong markets.

With the predictions that housing prices to remain the same or increase a bit this next year, local officials of the Tri City Association of Realtors advise that a record number of homes were sold in 2009, and the homes under $300,000 are the strongest range.

The inventory of homes in the Tri Cities is right at 1,000 for sale right now, which is down and that inventory would be depreciated in approximately 4 months if there were no other homes added to the market. Higher end homes ($400,000+) are taking longer to sell, but the $0 to $300,000 range is where the majority of the sales are occurring.

The wonderful amenities of the Tri Cities bring potential buyers from the west side of the state and beyond. Recreational activities in this warm and sunny climate is attractive to people interested in the possibility of a 2nd home. The wine industry draws people from all over the state and many have discovered what we all know – the Tri Cities is a great place to live!

Pasco and Kennewick have had increases in the number of new home building permits in 2009, while Richland has seen a decline in housing permits, although Richland is seeing many commercial or Hanford related projects coming their way in the very near future.

Federal money brought into the Tri Cities and Hanford Enterprises, along with continued job growth throughout the area in other industries is assisting in keeping the Tri Cities a strong economy and the real estate market stable. The first-time and long-term tax credits that have been instituted are bringing more buyers to the real estate market in the Tri Cities as well. Additionally, the media nationwide has positively focused on the Tri Cities and our continuing job growth and housing market as being a safe market to invest in.

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