Vancouver Business Journal reported on recent housing market statistics showing that although the real estate market for Clark County is probably going to cool down this year, demand for real estate is still going to outpace supply in the area. It’s important to note that the rate of growth for the real estate market is still accelerating, but it is accelerating slower than it has in the past.
As the Journal reports, this change in growth rate is due to a variety of factors. A large part of the equation is simply a small correction to the overly-hot real estate market of the last two years. Sellers may have been overestimating the value of their properties as a result of the hype surrounding the market, and those prices had to come down eventually. Another important factor to consider is the economic uncertainty that staggered the stock markets toward the end of 2018. However, winter 2019 began with a bounce back, so these trends may be changing.
This correction has led to a small drop in the price of some houses; however, the price drop is not necessarily going to last. Not only is demand expected to eventually increase as Millennials begin buying homes, but there are likely to be multiple interest rate hikes in the next year. So while homes may come with slightly lower price tags, the monthly interest0 payments associated with a mortgage will be steadily increasing.
Whether you are looking to sell your home or buy a new one, an experienced real estate lawyer can help you ensure that you make the right decisions at every stage of the process. John L. Davis, PLLC has been helping Washington clients navigate the complex real estate market since 2012 with personal attention and long-term relationships. John can help you draft contracts, negotiate agreements, and deal with any issues that may arise. If you are looking for a real estate attorney in Vancouver, call us today at (360) 597-4740 to find out how we can help you.
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