Clark County Real Estate Update
(Based on April RMLS Stats)
The current Clark County housing market is a strong seller’s market. Inventory levels in May (1.6 months) tightened slightly from April (1.9). There were reports on local news radio that the Portland housing market was stalling but I see no indicators in the Portland RMLS stats that is happening. Portland stats suggest an even tighter, stronger seller’s market than Clark County.
Lockbox activity remains strong suggesting buyers are still looking. Listings are on the increase and buyers are gobbling them up as quickly as they arrive. Interest rates have risen this year but so far the increases have not affected buyer activity. Continued rate increases are expected to continue gently. If the increases remain small then we should see buyer interest continue. If there is a large jump in rates then it will almost certainly slow down buyer activity.
The combination of rising home values and interest rate hikes over time will eventually reach a breaking point and the market will pause or stall. I do not expect anything close to a crash. The stall, if it happens, will take some pressure off buyers as they quickly detect the change in the market. This will cause home values to soften just a bit. Again, this would not be a crash, just merely an adjustment like you might see from the stock market.
Everything points to a continued seller’s market in the long run.
Why do I track the Market?
During the past 28 years I have been studying real estate as a full time realtor, there have been many cycles where home values rose and fell. The largest down-cycle of my time began in 2006. At that time I and a partner started a speculative home priced at $600,000. During construction the market began to change. First the market just felt different and then the RMLS stats revealed the pause. By the time we finished building the home in February, 2007 we were growing very uncomfortable. We had no idea how severe conditions would get. We only knew the market was heading in the wrong direction. For all we knew, the market could turn around next month. We decided to be safe. We lowered the price $85,000 and got an offer quickly.
A few months later we realized we dodged that bullet but many of my clients did not. Over the next few years folks lost their homes while others struggled. The hardest hit, I believe, were the families hoping to retire with the equity in their homes for support. Many such families put their retirement plans on hold and continued to work.
My goal now is to carefully track these RMLS stats and report market conditions as I see them. I cannot predict the future but I can provide information so you and others can make their own informed decisions.
Seasonal Gardening Thoughts
If you are enjoying a garden this year then you may have discovered that ants do to. “Why would ants choose my garden?”, you ask? A major source of food for the ants are aphids which are planted and milked by the ants for their “honeydew”. The ants protect the aphids and In the fall and winter months, they will bring the aphid eggs underground for protection until next year. This amazing relationship is well detailed at this link if you want to know more.
Ants can be controlled using natural materials, borax and sugar, but caution is needed as direct application to the soil may harm your plants and sterilize the soil.
To read more on simple safe methods for control of ants, check out this link:
DO YOU KNOW SOMEONE THAT NEEDS A RENTAL?
A client has just purchased this home and is looking for a tenant. It has over 1700 square feet, is in very good condition with granite countertops, large windows and high ceilings. Rent is $1700 per month. The location is about 4 minutes north of Clark College in an area of new homes. Rentals are in short supply so if you are interested then call Mr. Yen right away: 609:902-2428 or 609:275-1974 and tell him I sent you.
If you want a full bank of photos, just let me know and I will send them out.
SPECIAL MARKETING FOR 1 LEVEL HOMES
I have seen a growing demand for one level homes over the past few years. Many retirees are finding our County attractive for many reasons and one level homes are often favored by retirees. The baby boomers are one of the largest population groups and they are all at or near retirement. In response to this growing market, I have created a special marketing effort where buyers can see my latest listings for one level homes and in some cases even before they are listed. I am posting these homes on Youtube.com. Simply do a youtube search for “one level homes in Clark County, WA” and they will pop up or click on the link below. Any buyer looking for one level homes will find my updated information. This marketing effort is intended to increase the number is interested buyers and the possibility of multiple offers.
Currently I have several new homes and acreage locations where new 1 level homes are planned. I am also posting all preowned one level homes as the listing come in. Any buyer can subscribe to my channel and immediately get my postings. By increasing exposure, sellers will get the best price possible.
If you are not yet ready to sell your one level home but would like to post a video for the future, give me a call. Let’s talk about it.
For a sample of postings in this early stage of my efforts, please click on the link below or copy and paste the link into your browser:
I am still putting this together. Thank you for your patience. Your feedback is welcome.
If you know of someone looking to buy a 1 level home priced around $245,000 -$280,000 please let me know as I have two such listings coming in the next 2 months.
KELSEY FAMILY FARM: Lily Comes to the Farm (The latest stories)
It’s a Dry Heat
Just returned from visiting the grandkids in California. It’s dry and hot where they live and our skin and hair takes a beating in the sun. As soon as we return to Washington, the hair settles down and hands and feet plump back up. All critters are happy with the lush growth of vegetation after abundant rain. We have lots of eggs to pack for delivery and wool to send to the mill. Uncle Ryan is bashing down an entry wall in preparation for a new coat rack and boot tray assemblage. There is mowing and weed whacking to be done. The driveway is a tunnel of green as heavy branches droop with new growth.
More about the Kelsey Family Farm can be found at www.KelseyFamilyFarm.com
The brain child and owner of Kelsey Family Farm: Jonell Kelsey
Chris Kelsey, MBA, GRI
Keller Williams PP