Isn't The Market Horrible?

It's Just Different

I get asked this question on a regular basis. Continually, I let people know "no, it is not a horrible market". It is a different market than the one we experienced a couple years ago. Not horrible, just different. Actually, the market is much more normal now than it was then. As a real estate professional I feel like I have a better grip on the market and how to price properties.

Throwing Darts At A Dart Board Is Not The Way To Price Properties

Unfortunately this is how things were being priced back then by a lot of people. Even then, the prices were being escalated into heights unheard of. The demand was there and the inventory wasn't. Mixed with low interest rates and way to relaxed lending policies disaster was inevitable (as we all now know).

What About Now?

People will always need to sell homes and buy homes. This will not change. For those buying with nothing to sell, welcome to an incredible place to be! You are in a market that still has historically low interest rates and prices that are getting back into the place they should be. It is an amazing time to be purchasing a home or investment property.

If you are selling, remember you will not get what you "might have gotten" two years ago. That is the way of the market. If you have owned your home for more than three years you should still have made a great profit on your investment. Owned it for more than five years? Even better. Look at the return on your investment over that period of time, not "how much you lost" since the anomaly in the real estate market. Plus, if you are buying after you sell, you will pick up the same advantage of great prices as a buyer.

Questions?

If you have any questions about buying or selling, please don't hesitate calling or emailing me. That is why I'm here. To counsel and advise in all your real estate needs.

Take care,

Dale Chumbley

Clark County Real Estate Guide
The Chumbley Team

Truth About Foreclosures In Clark County, WA

Foreclosures are up!  The sky is falling!  The apocalypse is upon us!  These are the end times!  Tired of the media telling us the world (real estate world that is) is ending?

Look at the numbers below and see what is really happening in Clark County, WA with foreclosures.  These numbers represent the total number of foreclosures (evidence by Notices of Trustee’s Sales recorded in the Auditor’s Office) started during the calendar year.  Obviously the number is up from the previous 2 years, but about the same as 2002 and 2003 when the real estate market was strong.  So, based on the numbers, is the world coming to an end?  NO!

The National Association of Realtors reports that 2007 was the 5th best year ever for real estate sales

Very impressive, but certainly not like what you hear in the media.  Mortgage rates are down, inventory (choice) is high and prices reasonable… Now’s a great time to be active in the real estate market!  Make 2008 a great year…

2007	1,559
2006	851
2005	836
2004	1,159
2003	1,575
2002	1,548
2001	1,179
2000	979

(Thank you to Clark County Title for the above story)

Take Care,

Dale Chumbley

Life In Clark County
The Chumbley Team

Technorati Tags: real estate,Clark County WA,Vancouver WA,foreclosure,Market Update,real estate foreclosures

Bush Freezes Sub-Prime Mortgage Rates

This week, President Bush reached an agreement with the mortgage industry to freeze rates for up to five years for qualifying people who bought houses in the last few years with subprime loans. The plan would allow distressed borrowers who are current on their payments to keep their low introductory rates (on their adjustable rate loans) and escape an increase of 30 percent or more in their monthly payments when the rates expire. This is a good step to help curb foreclosures around the nation and will hopefully give a boost to the real estate market. To read more on this story, check out this article in our local Clark County newspaper, The Columbian: Mortgage Rate Freeze Reached

Have a good weekend!

Chris Hyde
Mortgage Consultant

The #1 Way To NOT Sell Your Home

As a follow up to yesterday's post I came across an article from a Realtor in Charlottesville, VA. It is really well stated and I thought it would prove useful here in Clark County as well.

You can read the whole article at the Real Estate Zebra. Check it out and feel free to let me know your thoughts.

Take care,

Dale Chumbley

Clark County Real Estate Blog
The Chumbley Team

Vancouver, WA Real Estate Hot Spot

Hello Clark County,

Our October stats just came in and I thought I'd share a few things.

First off, our inventory dropped slightly from 12 months to 11.4 months. What does this mean? It means that if no new listings come on the market it will take 11.4 months to sell all the current single family residential houses currently on the market. So, if you are a seller do you want to be one that sells in the next month or two or do you want to be at the end of that time? I know where I'd want to be. Make sure you are competively priced to draw the most positive attention possible.

While the overall county is currently appreciating at an average rate of 3% from October of last year to October of this year, we had a couple areas that seem to be outperforming the rest. According to RMLS the area North of the Columbia River, South of Mill Plain, East of I-5 and west of I-205 is running between 18% to 20%. Not too shabby. The key is still making sure you are priced correctly.

Take care,

Dale Chumbley

Clark County Real Estate Blog
The Chumbley Team

Streets of Gold in Fisher's Landing

Fall is in the air and the streets are covered with gold in Fisher's Landing right now. Today I was driving through Fisher's Landing showing houses and found the area to be most beautiful.The fall colors are in full swing and the leaves are falling fast. The windstorm and rain these past few days certainly helped this process out. It is amazing how quickly things change around here.

While we are in Fisher's Landing let's talk about the Year-To-Date numbers for this great neighborhood. As of the end of September the Average Sale Price is $314,300 and the Median Sale Price is $300,000. The average days on the market is running around 50 days. We are still seeing Fisher's Landing appreciate at a rate of 5.2%.
This chart shows the Year-To-Date single family residential activity. A total of 1,082 homes have come on the market this year and just over half of those are still available. The pending sales and closed sales split the balance pretty even. If you have any questions about these numbers or about a different neighborhood just ask.

Take care,

Dale Chumbley

Clark County Real Estate Blog
The Chumbley Team

Latest Clark County Market Update

Latest Clark County Market Update
by Dale Chumbley, Clark County REALTOR
Clark County Real Estate Blog
The Chumbley Team

Hello Clark County,

The numbers are in. We just received the latest RMLS statistics for the end of June.As we compare the market activity from January through June 2007 to the same 2006 time period, we see new listings have dropped a slight 2.1%. The closed sales have decreased 20.5% and the pending sales have decreased only 3.3%.

Our current Clark County inventory sits at 6.8 months which is down from the previous 7.1 from May.

While our appreciation rate has slowed from what it was, we are still seeing the average sale price increase by 5.3% ($306,600 vs. $291,100) county wide. Our median sale price is also still increasing at a rate of 5.1% ($264,900 vs. $252,000).

If you have any questions please feel free to ask.

Take care,

Dale Chumbley

http://www.clarkcountyrealestateblog.com/
http://www.tracychumbley.com/

Latest Clark County Market Update

Hello Clark County,

The numbers are in. We just received the latest RMLS statistics for the end of April.

As we compare the market activity from January through April 2007 to the same 2006 time period, we see new listings have increased by 8.7%. The closed sales have decreased 14.2% and the pending sales have decreased 13.1%.

This listing increase has put our current Clark County inventory at 7.2 months.

While our appreciation rate has slowed from what it was, we are still seeing the average sale price increase by 7.2% ($304,200 vs. $283,900) county wide. Our median sale price is also still increasing at a rate of 6.5% ($263,000 vs. $247,000).

What does this mean to you? Know that your real estate value is still appreciating and if you are currently on the market, make sure you are competitively priced so that you are not part of the 7+ months of current inventory.

If you have any questions please feel free to ask.

Take Care,

Dale
The Chumbley Team

Historical Real Estate View Shown As A Roller Coaster Ride

I saw this video tonight on KPTV 12 News. It represents the history of home values in the U.S. since 1890, factoring out the effects of inflation. It is based on existing home sales, not new construction. It is a great visual representation that lets you see how incredible real estate has been as an investment over the long term.

We have had quite a ride over the last century. There is also a graph that you can look at to see this in a static view. You can see the graph here.



Feel free to contact me is you ever want to talk about this ride we have been on. I'd love to chat.

Take Care,

Dale
The Chumbley Team

Latest Clark County Market Update

Hello Clark County,

Our newest RMLS stats have just come out. Below you will find the current update as well as the snapshot of the same time last year. You'll notice that the market time has definitely risen as there are more homes on the market now and less homes being sold.

Even though less homes have sold, you'll notice that our market is still appreciating. It may not be doing it like it was a couple years ago, but it is still doing it. Being competitive in pricing is more critical than ever as the inventory continues to grow. Make sure you are completely up to date on your market area prior to pricing and expect a longer marketing time than you might expect.

Please remember to pass this along to anyone in your world that might find it of interest.

Take care,

Dale
The Chumbley Team

March "Real Estate" Madness

March Madness is almost upon us. That time when "most of the world" pauses to follow one of the most watched sporting events in the entire world. It is estimated that nearly 4 billion dollars will be wagered worldwide during this little basketball tourney. Not bad for 3 weeks of play.

Guess what? Most of the world is just as intrigued about the real estate market. There are not too many day's that go by where I'm not asked "how is the market in Clark County?”. The short answer is "the market is great"! Sellers are still selling and buyer's are still buying. The key to this happening simply comes down to pricing. We have stabilized back into what I would consider a more "normal" market. As long as the seller's are pricing their property within the range that the market establishes, the buyer's are willing to buy. The day’s of adding an extra cushion on top just in case the buyer might pay it are gone for now. Generally speaking, buyers don’t need to do that. There is plenty of inventory for most buyers to look at.

Make sure that your Realtor is up to date and actively in our marketplace full time to best represent you, whether selling or buying. The great thing is real estate isn’t just a three week per year event; it is every day of every year. Isn’t the Big Dance wonderful!

Take care,

Dale
The Chumbley Team