Many of you have been asking me if the Methow Valley real estate market is being affected by the 2008 market downturn. Although there are some serious negative factors influencing the national marketplace, the Methow Valley is primarily made up of recreational homes, a second home market, and so far we seem to be somewhat insulated from what is happening in many of the markets around the country.
Make no mistake, 2008 has presented the Methow Valley real estate industry with challenges across the board. There are more homes listed for sale than one year ago, homes are taking longer to sell, prices are softening, and there are fewer buyers investing in recreational property. But as of yet, the Methow Valley has not experienced the significant upsurge in distressed home sales, as in the major markets around the country. Investment in Methow Valley property is, in spite of everything, still a strong venture.
In 2009, Methow Valley real estate market conditions will continue to shift in favor of the buyer. Many buyers will be jumping into the market, taking advantage of greater selection, lower interest rates, special seller financing, softer prices, and less competition. With market conditions stabilizing, first-time buyers will now have the luxury of time in making their housing decision. They also have greater purchasing power than they had one year ago – and their dollar will go much further.
We may be in for some challenges over the next year, but we should see clear signs of recovery in 2009. Now is an excellent time to invest in your Methow Valley dream!
Linda Mills
