A deal isn't done, till it funds!

It is never a happy time when a transaction falls apart at the finish line, but in roughly 5% of real estate deals that is exactly what happens. In the overwhelming majority of those late inning failed sales it was neither fault of the seller or buyer. The bulk of issues comes up with loans. There are a lot of moving parts in the loan and sometimes things can pop up as the loan works its way through multiple stages of the underwriting process. 

I hate it when this happens whether I am the listing agent or the buyer's agent. It just sucks. A few tips to minimize the pain in these scenarios. 

• Buyers should not give up their current housing until the deal is done unless they have safe and reliable alternative living arrangements.
• Both parties should allow enough time for potential delays and setbacks.
• Sellers should also recognize the inherent risk of a sale fail. Although 5% is slim it is basically 1 in 20 so it isn't as rare as one might think.
• A lender pre-approval even from the best lending institutions does not guarantee success as things can and do happen. Buyers can lose their job, become sick, death in the family, car wrecks, a crazy collections pops up on final title... all kinds of hidden and unforeseen issues are lurking in the ether.

The best rule of thumb is that neither party should try to thread the needle and time everything to a day, There are just too many moving parts for that. 

Real Estate Market is Spooky for Buyers

Spooky because inventory under $500k is tight and competitive offers are lurking around every corner waiting to outbid the unsuspecting buyer. Boo! Buyers should relax however as the holiday season is ahead and that tends to soften things up a bit. Not that pricing is likely to soften but many buyers stop looking and that can take the edge off a bit allowing buyers and opportunity to get their offer accepted more readily.

Locally the median price of a home in Clark County has breeched the the $400k mark pushing up towards $410k. Analysts are suggested a fairly robust 6-8% growth over the next 12 months. Despite the crazy conditions for buyers real estate is still a strong proposition in Clark County so be patient buyers, your time will come :)

Will Vancouver Answer the Call?

The phone is ringing... opportunity is calling... will our fair city pick up? Vancouver has an amazing opportunity right now for both jobs and residents across the spectrum of suburbia and urbanites alike. Our neighbor to the south has been shedding people to the suburbs for several years and this year other issues are pushing residents out in droves. Meanwhile urbanites in Portland are now witnessing the rise of the Vancouver urban city scene and for the first time, maybe ever, they have an alternative to Portland's "big city" neighborhoods like the Pearl and South Waterfront.

Now let's be clear, Vancouver USA will not replace Portland as the center of the metro area anytime soon and probably not ever. But that city has really set itself up to attract a specific type of resident. Basically those looking for the walk, bike, and transit only lifestyle. Vancouver can appeal to some of those people but also to those that still want to at least own a vehicle and travel independently when they want to. Portland's lackluster effort on the city highways and freeways is a clear indicator that travel by car will not improve anytime soon.

Vancouver finds itself in a prime spot to attract both residents and employers looking for tax savings and a more traditional lifestyle for their workers should those workers choose. But they won't have to alienate the employees that want that sustainable walkable neighborhood. Vancouver has a downtown and waterfront area that still has usable land, and a council that is considered to be one of the easiest for developers to work with. A pro-business environment without sacrificing the common sense approach to a sustainable community.

Our city needs to go get em' so to speak. Developers and business leaders are sometimes operating in a bubble and if Vancouver USA is outside the bubble our local leaders may need to penetrate their market with advertising and committees designed to get the word out.

COVID-19 will pass and we will get back to a more normal pattern and our city needs to take advantage of our amazing setup to grab both residents and employers which help all of us enjoy a better lifestyle with a stronger economy and higher wages. 

For Portland they love having a workforce based in Vancouver, it helps pad their taxes with non-resident income. It is literally free money for them. But more and more Vancouver residents are seeking jobs on OUR side of the river as they grow weary of Oregon's egregious taxation without representation scheme. Furthermore Portland's tolling scheme is clearly aimed at Clark County commuters. Vancouver needs to hyper focus on employers, large employers that want their employees to have a great community to live in, with an easy commute, and low taxes. Vancouver is that community and we have the commercial, industrial and residential base to support whatever an employer needs.

Here's to a great 2021 and beyond.