Real Estate and Covid-19 Part 1
Understanding the Current Real Estate Market in Clark County
Our team has received a lot of inquiries regarding the real estate market during Covid-19. There are valid concerns and questions surrounding how this has impacted the market so far and what will happen in the future. We decided to share with you all the various statistics that we review to gauge the health of the real estate market and help you understand what they mean. This is part 1 of a series of real estate economic blog posts we will be publishing weekly.
What our local Market is currently doing and why
Clark County Washington is experiencing a Seller’s Market. We are seeing new listings that are priced appropriately selling quickly with multiple offers. This may seem counter intuitive, given that unemployment is up and so many businesses are closed. These things are true. Real estate is a perfect example of supply and demand. The pandemic has decreased demand, and we are seeing fewer buyers in the market than we would typically see this time of year. Some buyers are waiting to see what happens with their jobs, the economy, or just do not feel safe viewing properties. However, the pandemic has decreased the supply further. According to RMLS the week prior to the state-wide lock down, there were 272 new listings on the market. This past week there were only 173 new listings on the market, a decrease of 36%. To further tighten the inventory, during the past week, 183 listings went pending, which is 10 more listings than came on the market.
This data provides a good picture of what is going on in terms of numbers, but what does it mean to the buyers and sellers in the market today? We received multiple offers on our last 3 new listings during this pandemic. We have also had multiple buyers in bidding wars over the last couple weeks. For Sellers, this is showing that there is strong interest in the market right now due to the incredibly low inventory. We strongly advise Sellers to fully prep, clean, landscape and stage houses. This, along with pricing at market value will enable sellers to capitalize on the high demand and hope for multiple offers. For Buyers, this means that if you like a house, you need to make a quick decision to write an offer and really put your best foot forward. This can be difficult if you are looking for a good deal. Our best recommendation to such buyers is to look for properties that have been on the market for 30, 60, 90+ days and try to negotiate those sellers down on price. For all buyers right now, be prepared to lose out on a few houses because you have a lot of competition. Be patient, the right house will come around.
As always, we welcome any questions you may have and are happy to offer advice.
Come Play Bingo for a Cause!
Looking for a fun event to do in March with the whole family? This month to give back, Erin Wright Homes is partnering with Habitat for Humanity for a fun night playing Bingo for a cause. Join us Friday, March 18, 2016 for a fun night of Bingo while helping support the Evergreen Habitat for Humanity. Games are $2 a piece and all prizes are valued at $25 or more! Complimentary snacks provided and beer and wine available for purchase. This event is family friendly, so bring your kids! Want to get even more involved? Join Erin Wright Homes for our Habitat Build April 2, 2016! We would love to see everyone there!
What: Bingo for Habitat for Humanity
When: Friday, March 18, 2016 from 6pm-8pm
Where: Clark County Habitat Store
10811 SE 2nd Ave.
Vancouver, WA
Please RSVP to Erin Wright by Wednesday, March 16, 2016 by e-mail at ErinWright@Windermere.com
or by phone by calling 360-356-1445
Hope to see you all there!
For more information on the Evergreen Habitat for Humanity, please visit their website at:
***Want to plan ahead for April’s Community Event? We will be doing a Habitat for Humanity Build with the Evergreen Habitat for Humanity on Saturday, April 2, 2016. We would love to see everyone there. This event is for people 18 years and older.***
Tacos and Taps 2015: A Huge Success
Thank you to my clients and friends who helped make Tacos & Taps a Success in 2015!
May 4, 2015 marked the 2nd Annual Tacos & Taps Event for the Clark County Food Bank. This year Tacos & Taps sold out weeks before the event and the night really delivered a great time with a meaningful message. Guests were able to enjoy creative tacos, great beer, and spectacular treats from local Vancouver venders all while touring the food bank and enjoying live music. It is a great event to help promote local businesses, support the food bank, and allow our Clark County neighbors a chance to really see how the food bank runs and helps support the community.
The event this year raised $31,100 for the Food Bank, an increase of 39% from the previous year. Additionally, the event featured 5 local brewers, 8 local chefs, and 1 local baker.
I would like to give a special thanks to the people who made this event a huge success.
Breweries:
Alameda Brewing, Mt. Tabor Brewing, Loowit Brewing, Doomsday Brewing, and Beerded Brothers Brewing
Chefs:
Herb N’ Roots, South Pacific Bar & Grill, Farrar’s Bistro, Wholes Foods, Beaches Restaurant & Bar, Main Event, New Seasons, and The Grant House
Bakery:
Simply Sweets
Photography:
Little Fern Photography
Decorations:
Michael Lampson of Lasting Impressions
Entertainment:
Blues Ranch
Scott Horenstein Law, Riverview Community Bank, Landerholm Law
Large Donors:
Windermere Stellar
Event Committee:
Allison Kirkland, Courtney Catt, Donna Horenstein, Erin Wright, Megan Dixon, Rebecca Bristol, Sam Clarno, and Sherri Falkner
To see all photos from this year’s Tacos and Taps event provided by Little Fern Photography, please click the link below.
http://proofs.littlefernphoto.com/tacosandtaps
Click the link below to see a video talking with the Director of the Food Bank and some of the vendors from this past year.
Happy Halloween
Wishing Everyone a Happy and Safe Halloween!
Dear Friends and Family,
Happy Halloween! For those of you who don't know, Halloween is my favorite holiday of the year! Please enjoy a night of fun. For those going Trick-or-Treating, remember to bring that umbrella or raincoat, as rain is always bound to happen on Halloween in the Northwest. For those still working on last minute costumes, click the link below for ideas from Pinterest.
http://www.pinterest.com/coolestparties/last-minute-costume-ideas/
Happy Haunting!
Erin E. Wright
Your Local Realtor
Proudly Serving My Clients and My Community!
To View this Blog Post in Your Browser, Click Below:
http://us3.campaign-archive1.com/?u=a5200a2bcc170da0524711c28&id=cbc03f9667&e=[ UNIQID]