Late Winter Slows Showings

We have had some late winter weather that still persists and the constant threat of snow seems to have kept many away from touring listed properties. All of my listings saw a substantial fall off over the last two weeks beginning with the the snowy weather in the middle of last month. We shall see if the snowy and chilly weather is the real cause or whether their is some other more diabolical market condition developing. My gut is that the sketchy weather was the real culprit.

Tomorrow and the next several days will be chilly by March standard to be sure, but the great yellow orb will be blazing bright across the late winter sky. I think that will bring the masses out to house hunt.

I read an interesting article in the Columbian today that cited rents in our area (Vancouver) are at or very near the same level as Seattle for a typical two bedroom apartment. We are well ahead of Portland which averages $1300 to our $1650. Ouch! I didn't see that coming, or did I? Portland has been on a red hot apartment building binge adding more than 13,000 units in recent months. Vancouver is also on a bit of a building binge, but units in Vancouver have not all come online yet.

For resale real estate, this bodes well as high rents tend to chase people towards ownership. Why rent if you can own for less? I think this could lead to a bit of a buyer's resurgence as spring awakens. That will keep our housing market humming along for the rest of the year. Inventory is still technically tight, but levels have been increasing slowly over the last 8-12 months and soon there will be a more 'normal' level of inventory with market absorption rates coming in at 4-6 months. Nice and healthy.

Let's see if this sunshine filled weekend proves me right, or if I have to start worrying about the spring.

Chilly Weather Means Prep for Vacant Listings

We have some legitimate cold weather arriving this weekend that may include temps down into the single digits. Homeowners that have vacant property whether it is for sale or not need to be prepared for this outbreak of cold. If the home has the furnace and or power off then a full winterization by a professional is a good idea. If the power and heat are on then do it yourself is pretty simple. Wrapping exterior pipes, water supply to house off and faucets open, etc. The Seattle Times has some tips for do it yourself winter prep on a vacant house.

I have a very vivid memory of showing a very expensive home in Camas, Washington in December of 2009, the last time I had a temperature below 10 degrees. This gorgeous home had water flowing out of the walls and onto the walkway at the front door which had become an impassable ice skating rink. Thousands and thousands of dollars worth of damage was done and for a couple of hundred bucks in prep would have been avoided. Needless to say my client did not buy that house.

When selling a vacant house this time of year, be sure to do a little winter prep in the front yard to maintain good curb appeal and safety. These are good tips for occupied homes as well. Keep the snow cleared on the walkways and if needed throw some salt down to keep the ice at bay.

If you are out and about hunting for your next house please use caution out there. It is not likely that the temperature will rise above freezing over the next several days. The air is dry so it may feel warmer than it is. around any corner could be an icy spot. Caution is advised.

Bundle up and enjoy the winter wonderland.