TRI-CITIES, WA - We all know that the Tri-Cities is growing and growing, and inventory levels on houses are at a historic low right now. Reporter Jaclyn Selesky went house hunting with one couple who says you better act quick when it comes to buying a house.
"There's actually been a lot of houses that we saw online and we looked at it, and we were like, 'oh my gosh this house is amazing, we need to look at that for sure,'" said Brad Barnes, a home buyer. "And then we went off to work and came home and it was already pending."
Barnes and his wife Meghan have been looking to buy a house in the Tri-Cities for months.
"I have shown them, goodness gracious, probably 30 to 40 homes over the course of the last 6 months," said Khea Longan, a real estate broker.
The market is bad news for someone looking to buy a home right now. Typically, there's about 1,400 houses on the market this time of year, but right now, there's only 687.
"One house that I had listed, it had 17 offers on it," Longan explained.
Why the low inventory? Well, the Tri-Cities is one of the most rapidly growing areas in the country. Low employment rates coupled with leading the nation in agriculture, wine, scientific research, and we can't forget about our notoriously good weather. All of these factors make it a very desirable place to live, but not so desirable for a home buyer right now.
"When I first started here it was definitely more of a buyer's market," Longan said. "Things were sitting on the market a lot longer, 1,200 listings or so to pick from, and then we saw the sway, we saw it change and it was a drastic change."
Moral of the story: if you're house hunting right now, you better act fast.
With all of the new construction that we have coming aboard here in late fall and early winter, Longan says it's definitely going to change our market again, giving a lot more opportunities for buyers.