Hello and welcome to the Spotlight Vancouver
podcast. Today, we're going to get into the market
report for Vancouver and Southwest Washington
to find out what's going on in the real estate
market and more importantly, what it means to
you as a buyer and a seller. Let's get right
into it. So for Clark County, we have seen the
median sale price. basically flat week over week
at $5 .89, $5 .90. The average sale price is
up a little bit, set $6 .65. Time on market is
down 13 .5 % to 63 days, which is still a fairly
long time on market compared to years past, but
a little bit lower than we've seen it. And so
that just means that homes are sitting on the
market for an average of 63 days. New listings
are up a little bit. Pending sales are up a little
bit. Interestingly, closed sales are down 70%,
which means to me that, you know, the pending
sales are up a little bit and the closed sales
are down almost 50 % that people are going under
contract and something is happening during the
negotiation process that is causing that home
to fall out of contract and to stay on the market.
And so that could be your guess is as good as
mine. They're negotiating over price. They're
negotiating over repairs. They're not coming
into an agreement over something after getting
under contract. And so any good home sale involves
a little bit of give and take so that everybody
feels like they got a good deal and everybody's
happy. In my experience, it's how I like to do
business. I want everybody to be happy. I want
everybody to compromise a little bit so we can
meet in the middle. to get this deal done again.
So what I'm seeing currently is if you are a
seller and you're putting your home on the market,
you really need to think about your competitive
advantage. And if you don't have a competitive
advantage, you need to price accordingly and
try to market what you do have going for you.
Because what I'm seeing currently you know especially
in the sort of bevin hunt to a million dollar
range is that homes are seeing you know multiple
offers um and are going off market very quickly
if they're in good neighborhoods good schools
and the home is renovated or recently updated
and nice and and If you're selling, you really
need to look at the competition. So it's not
just good enough to do a general market comparison.
I have three bedrooms, two baths. This home has
three bedrooms, two baths, you know, so my home
should be priced similar to this one. You really
have to get more granular these days because
I'm seeing a lot of people, they're looking for
like, you know, a 4 -2 with an office or, you
know, a dedicated office or something like that.
Homes that you really need to compare on a granular
level, like what your home has versus the comparables
to get a very accurate picture of what kind of
pricing strategy you're going to use. I mean,
that should really always be the case, but especially
now, because it's just getting more competitive.
It's a more balanced market. You know, we're
still seeing sellers giving concessions to buyers.
but I'm really seeing buyers being a little bit
more picky which means that if you're selling
your home you need to get that advantage. Whatever
that advantage is, you need to emphasize that
in your marketing and really touch on that in
all your dealings with potential buyers is to
emphasize that. And again, I've really enjoyed
open houses. I like having open houses and hosting
them. And I really think that's a good way to
actually sell a property. And I've had a lot
of luck doing that with sales and into really
emphasizing the positives. And so. Pricing is
always going to be important. So if you do not
have a competitive advantage or your home is
a little more outdated, you're going to have
to price below market. That's just how it is
right now, because then you're seeing those homes
sit on the market. Because comparatively, if
I have a home priced at, you know, $730 and it
needs a lot of updates, and then I have a home
price of $750 that's all buttoned up and nice,
you know, all things being equal. Obviously,
people are going to pay up a little bit more
for the nice one because, you know, amortized
over 30 years, that price difference of $30 ,000,
$50 ,000 isn't that much on a monthly payment
level. And so it's competitive and you need to
know what you're listing, what your home has
compared to other homes priced similarly and
then adjust accordingly. And then be prepared
to make some concessions, possibly, because what
I'm seeing on the buy side is because the market's
just more balanced, I'm seeing buyers being a
lot more patient. They're sort of adjusted to
the new rates because they're not going anywhere.
Again, if you're still hoping for the crash and
the 3%, I don't know what to tell you. It's game
over. If you're thinking that way, I don't know
what to tell you. I just, I don't know. I wouldn't
expect that anytime soon. So but what I'm seeing
from buyers is they're patient, they're selective.
So they're looking for what they want and they're
going to wait till they get it is what I'm seeing.
And if they can't get the price and the terms
and the amenities that they want, then they're
not going to put an offer on it. And so, again,
it's that sort of match between what your home
has to offer on the sell side and really marketing
to those. sorts of people who are looking for
that. So I'm just giving the dedicated office
as an example versus, you know, the buy side,
they're sitting back and waiting for that specific
thing. Like I want this with the office or with
the, you know, whatever it is, like they'll sit
and wait around for that. And inventory has been
sort of flat. It's at three, three months of
inventory. And so, you know, having more inventory
is a good thing for buyers. They have more choices.
And so we're seeing selective buyers and sellers
who, you know, typically sellers are still, in
my opinion, looking for too much, which is a
mistake. You cannot have the 2021 mentality of
my home's worth a gajillion dollars because it
was in 2020, because it's not 2020. It's not
2021. It's 2025 going on 2026. And the market's
different and your house isn't worth as much,
to be honest. it's flattened out or it's, it's
gone down a little bit. So you have to adjust
your, and you're still doing well. You still
have tons of equity, but you know, there's still
sellers out there who, you know, want to do this
price strategy of like, we're going to price
it high. So there's room for negotiation and
then it gets overlooked and it sits and it sits
and then you're doing the price drop dance. And
so I don't think that's an effective strategy.
So there's still a little bit of unrealistic
pricing going on, seeing that a little less,
but again. The buttoned -up homes in great neighborhoods
are selling quick, especially if they're renovated.
Cost of renovation is high, and it has been high
for a while, still is, but those homes are going
quickly, and they're going pending within a week
or so. Inflation data recently came out lower
than expected, so at like 2 .3%. So there's a
lot of uncertainty out there. And again, I will
stress that on the sell side or the buy side,
if you're looking to get into real estate, it's
not about the news cycle. It's about your personal
situation and what you're looking for. Like focus
on yourself, focus on what your needs are, focus
on your financial situation, because if you're
going off the news cycle, like you're not going
to get off the couch. Like, oh, the tariffs and
then the stock market, it's going up and then
it's down and I don't know what to do. Well,
I mean, we've seen the tariffs. I mean, it just
depends on what day it is. Like, you know, now
it's now it's up again. Now there's deals being
made and stock markets up and seeing a rise.
So just turn it off. To be honest, this is my
advice. Check with your local real estate agent
and and your own financial situation. And my
my advice to buyers is because I've seen a lot
of these rent versus buy like TikTok reels and
whatever. And I'm more empathetic towards like
the, you know, maybe it's better to rent. I don't
ultimately think that's the case, but I can see
the... I can see the argument for like, you know,
rent a reasonable place and save your money and
an index fund or whatever. So it just gets down
to like your personal situation. And so my typical
recommendation for buyers is like, if you can
comfortably afford the mortgage and still be
able to save, like you still have a dedicated
percentage of your income that you're saving
five, 10%, if you can. afford the mortgage and
you can still save, then you're at a level where,
you know, that might be a good time to purchase
a home. If you have to put everything all in
to buy a home and that leaves you no room for
saving, no room for anything, then obviously
I would say maybe think twice or wait or shore
up your financial position. That's kind of what
I've always thought. I don't think you should
go all in on a house just to have a house. I
think you should look at your specific situation
and make sure you're keeping your savings rate
at something. This is just my... financial outlook,
not financial advice. But I hope this is helpful.
If it is, please drop a like. If you are looking
to buy or sell in Clark County, Washington, the
links to schedule, no pressure, chat. I'd love
to just answer your questions. There's no hard
sell. If you want to work with me, I think that's
great. I can let you know what I can do. But
I would love to answer your questions and give
you just the real the real info that you need,
because a lot of people are just going to tell
you whatever you need to hear. I don't need to
do that. You know, I'm not scraping by waiting
for my next commission to pay the bills. So I
pride myself on honesty and integrity. And I
would love to just answer your questions and
give you my honest thoughts. And then if that
sounds great, great. If it doesn't, then, you
know, you've. That's cool. We can still be friends.
I like you. Links in the description to schedule
that. Also, if you're looking to invest out of
state, you know, Clark County is expensive, PDX
expensive. If you're looking to break into real
estate investing, out of state markets can be
a great solution to that. I do that as well.
I'm currently looking at the Oklahoma City market
and I have connections there and I'd love to
put you in touch. I'd love to help you out if
you're looking to invest in markets like Oklahoma
City. Fort Wayne, Indiana, Columbia, South Carolina,
Athens, Georgia. I know people in these markets.
These are great markets. And you can schedule
a chat for that, too. If you want to talk about
out -of -state investing, I'd love to just chat
about that. Hope this has been useful to you,
and I'll see you next time. Take care.