Hello from Pioneer Title Company,
As we transition from Autumn to Winter, and a different market than we’ve experienced over the last couple of years, we’re preparing for uncertain times. We want to work with our local realtors to keep deals flowing. You’ve heard about our new “Geo” product that helps us segment the market – now let’s get to work!
- Sales have dropped 31% in terms of raw deal flow, but only 23% by dollar amount
- The entire amount of this decrease was incurred in one price range. Sales of homes in Douglas County in the price range of $250K to $500K dropped by 60%. This is THE significant fact for October 2022.
- The ratio of cash deals to financed deals has crept up only slightly, only 4% greater than the year before.
What's HOT and what can we do?
Are you marketing to renters who might see the opportunity to get into the housing market while competition is low and rents are high?
Zillow reports that first time home buyers have resurfaced and are engaged now that the Covid cash buyers are dissipating and there is less competition. Read more.
This makes some sense. First time home buyers aren’t losing out on a 3% mortgage if they make a housing change, AND Money is still free in some cases. Government loves first time home buyers. There are several first time home buyer assistance programs in WA state. What a country, what a state. Read more. What’s HOT and what can we do?
- Douglas County alone has over 1,500 non owner occupied single family residences with assessed values under $500K.
- Chelan County has 3,300 homes in this category.
Might their owners want to raise a little cash going into a recession? Maybe a stock market bottom will present a chance to diversify how they invest in 2023?
We know who these owners are and we want to share this information with you.
What else happened in October other than single family homes?
- 12 mobile home (with land) sold for $4,315,000
- 13 condos sold for $5,709,500 2 multi family sales for $5,480,000
- 9 Commercial (non Ag) sales for $3,816966
- 6 Ag land sales for $2,982,000
- 48 sales for other land, lots, and Ag not in service for
- $6,857,061 10 Personal Representative Deeds filed covering 30 parcels
Oh, and a local vertically operated tree fruit company sold for a couple schillings.
It’s the holiday season – Time to reflect on your blessings and spend time with your loved ones. I’m going easy on you during this special time but come January we need to get busy figuring out what segment of the market you want to pursue. Contact us when you’re ready.