With Inventory levels of homes on the market in the Tri-Cities at the lowest they have been in 15 years, our local real estate market is experiencing a very robust, booming period. The combination of low inventory levels and continued close to record low interest rates are fueling the fire. The good news for buyers is that interest rates continue to be at near record lows, financing restrictions have been relaxed somewhat and FHA lowered its mortgage insurance premiums (MIP) rate substantially.
Homes under $200,000 especially in most cases are not staying on the market long. In many cases we have had multiple offers on properties. But one thing is for sure, if you find a home that you really are in love with, as a buyer in that price range you need to act quickly. In certain areas of the Tri-Cities it is a seller's market. For example West Richland as a whole, has less than a 30 day supply of homes on the market currently. The total Tri-Cities market has a little under 60 days supply.
For sellers there are bright spots in many price ranges and locations within the Tri-City real estate market. Two sectors in particular, which not long ago had multiple years of supply on the market in some instances are even seeing the benefits of our changing market. For instance, the Condo/Townhome market which had an oversupply in recent years is running now at less than a 6 month supply. Homes in the 500K and above price range have also seen a pickup in activity as well.
Good news for both buyers in sellers!
