Real Estate Professionals Predict Strong Tri-Cities Market in 2009Posted: Updated:
KENNEWICK, Wash.-- Two weeks into the new year, and real estate professionals say the market is looking better.
The Tri-Cities wasn't hit nearly as hard as the rest of the country in 2008, and real estate professionals are saying 2009 looks better than 2008. Locally, however, real estate professionals don't even consider 2008 to be all that bad. They say many factors including the economic stimulus plans, lower rates, and tighter lending standards will help our market even more.
Glen Clark is the president of the Tri-City Association of Realtors, and he admits the real estate market got the country into some of this mess. He says, "Real estate has led us into some of the problems we have now nationwide, and real estate is going to have to lead us out of the problems we're in now."
Sale manager and broker Paul Roy says it's already starting to lead us out. First, banks tightened their lending standards. "It's a little more difficult to qualify, but it's there and the perfect time to buy," Clark explains. By making it harder to qualify, fewer people will get mortgages, then not be able to afford them.
Also leading us out, the Fed slashing interest rates. Clark says, "There is lots of money available for buying a home at historic interest rates. 4.75% on 30 year loans is just unheard of."
All of this leading to a hopefully better 2009. Clark predicts, "While it may not be a record setting year, it's going to be real close." Roy predicts, "I believe it will be just as good, if not better."