With all the media attention on the foreclosures across the country, we in the Tri-Cities real estate market want you to get the straight facts on the marketplace here and across the state of Washington.
The Washington real estate market is a stable and responsible marketplace for home buyers!
The Market is Strong:
Home appreciation in Washington continues to out-perform the rest of the nation with year-to-year price increases every quarter since the spring of 1995. Washington has a robust economy with it’s roots in aerospace, technology and exports. Our unemployment rate is extremely low and we continue to add jobs to the marketplace.
Why Washington is Different:
The home market isn’t keeping pace with the growth of the state’s population, which is continuing to increase at 1.8 percent per year. The state’s population will increase by nearly one million over the present decade and reach 6.8 million by 2010. About two-thirds of the growth is due to in-migration; the rest is a result of the growth of families now living in Washington. (WA state Office of Financial management)
The Market is Stable:
Home prices in Washington have increased an average of 8.1 percent since the same time last year. Many counties, however, have experienced price hikes much higher: Chelan 29.8 percent, Okanogan 24.5 percent; Douglas, 22.2 percent; and Lewis 19.3 (WSU Center for Real Estate Research)
Finding Balance:
The key to stability in the residential real estate market is balance where balance is about a six month supply (of inventory) of home available on the market at any given time. This is a normal market and a good balance for buyer and seller.
Facts About Foreclosures:
Fewer than one percent of mortgages end in default in Washington State. The foreclosure rates today are the same as they were 5 years ago – even 10 years ago.
Is now a good time for you to make a move?
Purchasing a home in Washington is an excellent long term investment. Interest rates are low. Call your REALTOR and get the facts. Not all real estate agents are REALTORS and nobody knows Washington real estate like a Washington REALTOR.
Contributed by: WAR