WEBVTT 00:00:00.880 --> 00:00:02.759 Hello and welcome to the Spotlight Vancouver 00:00:02.759 --> 00:00:06.219 podcast. Today, we're going to get into the market 00:00:06.219 --> 00:00:09.359 report for Vancouver and Southwest Washington 00:00:09.359 --> 00:00:11.400 to find out what's going on in the real estate 00:00:11.400 --> 00:00:14.080 market and more importantly, what it means to 00:00:14.080 --> 00:00:17.640 you as a buyer and a seller. Let's get right 00:00:17.640 --> 00:00:22.600 into it. So for Clark County, we have seen the 00:00:22.600 --> 00:00:26.010 median sale price. basically flat week over week 00:00:26.010 --> 00:00:31.469 at $5 .89, $5 .90. The average sale price is 00:00:31.469 --> 00:00:35.229 up a little bit, set $6 .65. Time on market is 00:00:35.229 --> 00:00:41.049 down 13 .5 % to 63 days, which is still a fairly 00:00:41.049 --> 00:00:46.289 long time on market compared to years past, but 00:00:46.289 --> 00:00:50.240 a little bit lower than we've seen it. And so 00:00:50.240 --> 00:00:54.259 that just means that homes are sitting on the 00:00:54.259 --> 00:00:57.990 market for an average of 63 days. New listings 00:00:57.990 --> 00:01:00.310 are up a little bit. Pending sales are up a little 00:01:00.310 --> 00:01:06.049 bit. Interestingly, closed sales are down 70%, 00:01:06.049 --> 00:01:09.709 which means to me that, you know, the pending 00:01:09.709 --> 00:01:12.769 sales are up a little bit and the closed sales 00:01:12.769 --> 00:01:15.569 are down almost 50 % that people are going under 00:01:15.569 --> 00:01:17.909 contract and something is happening during the 00:01:17.909 --> 00:01:21.329 negotiation process that is causing that home 00:01:21.329 --> 00:01:24.069 to fall out of contract and to stay on the market. 00:01:24.670 --> 00:01:27.090 And so that could be your guess is as good as 00:01:27.090 --> 00:01:29.030 mine. They're negotiating over price. They're 00:01:29.030 --> 00:01:31.290 negotiating over repairs. They're not coming 00:01:31.290 --> 00:01:34.329 into an agreement over something after getting 00:01:34.329 --> 00:01:37.069 under contract. And so any good home sale involves 00:01:37.069 --> 00:01:39.250 a little bit of give and take so that everybody 00:01:39.250 --> 00:01:41.730 feels like they got a good deal and everybody's 00:01:41.730 --> 00:01:43.870 happy. In my experience, it's how I like to do 00:01:43.870 --> 00:01:46.549 business. I want everybody to be happy. I want 00:01:46.549 --> 00:01:48.969 everybody to compromise a little bit so we can 00:01:48.969 --> 00:01:53.260 meet in the middle. to get this deal done again. 00:01:53.519 --> 00:01:57.579 So what I'm seeing currently is if you are a 00:01:57.579 --> 00:02:00.739 seller and you're putting your home on the market, 00:02:00.840 --> 00:02:05.159 you really need to think about your competitive 00:02:05.159 --> 00:02:07.620 advantage. And if you don't have a competitive 00:02:07.620 --> 00:02:11.000 advantage, you need to price accordingly and 00:02:11.000 --> 00:02:15.159 try to market what you do have going for you. 00:02:15.199 --> 00:02:17.449 Because what I'm seeing currently you know especially 00:02:17.449 --> 00:02:21.069 in the sort of bevin hunt to a million dollar 00:02:21.069 --> 00:02:25.150 range is that homes are seeing you know multiple 00:02:25.150 --> 00:02:27.930 offers um and are going off market very quickly 00:02:27.930 --> 00:02:30.870 if they're in good neighborhoods good schools 00:02:30.870 --> 00:02:35.129 and the home is renovated or recently updated 00:02:35.129 --> 00:02:38.969 and nice and and If you're selling, you really 00:02:38.969 --> 00:02:40.889 need to look at the competition. So it's not 00:02:40.889 --> 00:02:43.669 just good enough to do a general market comparison. 00:02:43.870 --> 00:02:46.449 I have three bedrooms, two baths. This home has 00:02:46.449 --> 00:02:48.990 three bedrooms, two baths, you know, so my home 00:02:48.990 --> 00:02:51.250 should be priced similar to this one. You really 00:02:51.250 --> 00:02:53.689 have to get more granular these days because 00:02:53.689 --> 00:02:56.650 I'm seeing a lot of people, they're looking for 00:02:56.650 --> 00:03:00.849 like, you know, a 4 -2 with an office or, you 00:03:00.849 --> 00:03:02.789 know, a dedicated office or something like that. 00:03:03.980 --> 00:03:06.860 Homes that you really need to compare on a granular 00:03:06.860 --> 00:03:10.020 level, like what your home has versus the comparables 00:03:10.020 --> 00:03:14.159 to get a very accurate picture of what kind of 00:03:14.159 --> 00:03:16.719 pricing strategy you're going to use. I mean, 00:03:16.740 --> 00:03:18.460 that should really always be the case, but especially 00:03:18.460 --> 00:03:21.340 now, because it's just getting more competitive. 00:03:21.500 --> 00:03:25.340 It's a more balanced market. You know, we're 00:03:25.340 --> 00:03:27.879 still seeing sellers giving concessions to buyers. 00:03:28.729 --> 00:03:31.289 but I'm really seeing buyers being a little bit 00:03:31.289 --> 00:03:33.330 more picky which means that if you're selling 00:03:33.330 --> 00:03:38.659 your home you need to get that advantage. Whatever 00:03:38.659 --> 00:03:41.659 that advantage is, you need to emphasize that 00:03:41.659 --> 00:03:44.860 in your marketing and really touch on that in 00:03:44.860 --> 00:03:48.759 all your dealings with potential buyers is to 00:03:48.759 --> 00:03:52.500 emphasize that. And again, I've really enjoyed 00:03:52.500 --> 00:03:54.860 open houses. I like having open houses and hosting 00:03:54.860 --> 00:03:56.879 them. And I really think that's a good way to 00:03:56.879 --> 00:03:59.919 actually sell a property. And I've had a lot 00:03:59.919 --> 00:04:02.439 of luck doing that with sales and into really 00:04:02.439 --> 00:04:07.060 emphasizing the positives. And so. Pricing is 00:04:07.060 --> 00:04:09.240 always going to be important. So if you do not 00:04:09.240 --> 00:04:11.240 have a competitive advantage or your home is 00:04:11.240 --> 00:04:12.719 a little more outdated, you're going to have 00:04:12.719 --> 00:04:14.879 to price below market. That's just how it is 00:04:14.879 --> 00:04:16.660 right now, because then you're seeing those homes 00:04:16.660 --> 00:04:19.040 sit on the market. Because comparatively, if 00:04:19.040 --> 00:04:22.620 I have a home priced at, you know, $730 and it 00:04:22.620 --> 00:04:24.480 needs a lot of updates, and then I have a home 00:04:24.480 --> 00:04:26.899 price of $750 that's all buttoned up and nice, 00:04:27.079 --> 00:04:30.650 you know, all things being equal. Obviously, 00:04:30.650 --> 00:04:32.649 people are going to pay up a little bit more 00:04:32.649 --> 00:04:37.509 for the nice one because, you know, amortized 00:04:37.509 --> 00:04:40.170 over 30 years, that price difference of $30 ,000, 00:04:40.470 --> 00:04:43.810 $50 ,000 isn't that much on a monthly payment 00:04:43.810 --> 00:04:47.790 level. And so it's competitive and you need to 00:04:47.790 --> 00:04:51.310 know what you're listing, what your home has 00:04:51.310 --> 00:04:55.589 compared to other homes priced similarly and 00:04:55.589 --> 00:04:58.540 then adjust accordingly. And then be prepared 00:04:58.540 --> 00:05:01.139 to make some concessions, possibly, because what 00:05:01.139 --> 00:05:03.680 I'm seeing on the buy side is because the market's 00:05:03.680 --> 00:05:07.339 just more balanced, I'm seeing buyers being a 00:05:07.339 --> 00:05:10.459 lot more patient. They're sort of adjusted to 00:05:10.459 --> 00:05:12.740 the new rates because they're not going anywhere. 00:05:12.839 --> 00:05:14.939 Again, if you're still hoping for the crash and 00:05:14.939 --> 00:05:17.379 the 3%, I don't know what to tell you. It's game 00:05:17.379 --> 00:05:19.899 over. If you're thinking that way, I don't know 00:05:19.899 --> 00:05:23.600 what to tell you. I just, I don't know. I wouldn't 00:05:23.600 --> 00:05:26.060 expect that anytime soon. So but what I'm seeing 00:05:26.060 --> 00:05:29.079 from buyers is they're patient, they're selective. 00:05:29.259 --> 00:05:32.000 So they're looking for what they want and they're 00:05:32.000 --> 00:05:34.060 going to wait till they get it is what I'm seeing. 00:05:34.160 --> 00:05:36.399 And if they can't get the price and the terms 00:05:36.399 --> 00:05:39.500 and the amenities that they want, then they're 00:05:39.500 --> 00:05:42.279 not going to put an offer on it. And so, again, 00:05:42.319 --> 00:05:45.100 it's that sort of match between what your home 00:05:45.100 --> 00:05:47.639 has to offer on the sell side and really marketing 00:05:47.639 --> 00:05:50.009 to those. sorts of people who are looking for 00:05:50.009 --> 00:05:52.329 that. So I'm just giving the dedicated office 00:05:52.329 --> 00:05:54.889 as an example versus, you know, the buy side, 00:05:55.089 --> 00:05:57.730 they're sitting back and waiting for that specific 00:05:57.730 --> 00:06:00.889 thing. Like I want this with the office or with 00:06:00.889 --> 00:06:03.069 the, you know, whatever it is, like they'll sit 00:06:03.069 --> 00:06:05.889 and wait around for that. And inventory has been 00:06:05.889 --> 00:06:08.910 sort of flat. It's at three, three months of 00:06:08.910 --> 00:06:11.610 inventory. And so, you know, having more inventory 00:06:11.610 --> 00:06:15.879 is a good thing for buyers. They have more choices. 00:06:16.120 --> 00:06:19.779 And so we're seeing selective buyers and sellers 00:06:19.779 --> 00:06:23.120 who, you know, typically sellers are still, in 00:06:23.120 --> 00:06:25.879 my opinion, looking for too much, which is a 00:06:25.879 --> 00:06:29.980 mistake. You cannot have the 2021 mentality of 00:06:29.980 --> 00:06:32.060 my home's worth a gajillion dollars because it 00:06:32.060 --> 00:06:34.500 was in 2020, because it's not 2020. It's not 00:06:34.500 --> 00:06:39.120 2021. It's 2025 going on 2026. And the market's 00:06:39.120 --> 00:06:41.160 different and your house isn't worth as much, 00:06:41.199 --> 00:06:44.740 to be honest. it's flattened out or it's, it's 00:06:44.740 --> 00:06:47.399 gone down a little bit. So you have to adjust 00:06:47.399 --> 00:06:49.300 your, and you're still doing well. You still 00:06:49.300 --> 00:06:51.800 have tons of equity, but you know, there's still 00:06:51.800 --> 00:06:54.639 sellers out there who, you know, want to do this 00:06:54.639 --> 00:06:56.459 price strategy of like, we're going to price 00:06:56.459 --> 00:06:58.660 it high. So there's room for negotiation and 00:06:58.660 --> 00:07:00.899 then it gets overlooked and it sits and it sits 00:07:00.899 --> 00:07:03.199 and then you're doing the price drop dance. And 00:07:03.199 --> 00:07:05.220 so I don't think that's an effective strategy. 00:07:05.259 --> 00:07:07.600 So there's still a little bit of unrealistic 00:07:07.600 --> 00:07:10.300 pricing going on, seeing that a little less, 00:07:10.379 --> 00:07:14.279 but again. The buttoned -up homes in great neighborhoods 00:07:14.279 --> 00:07:17.100 are selling quick, especially if they're renovated. 00:07:17.180 --> 00:07:20.160 Cost of renovation is high, and it has been high 00:07:20.160 --> 00:07:22.660 for a while, still is, but those homes are going 00:07:22.660 --> 00:07:25.980 quickly, and they're going pending within a week 00:07:25.980 --> 00:07:28.879 or so. Inflation data recently came out lower 00:07:28.879 --> 00:07:33.779 than expected, so at like 2 .3%. So there's a 00:07:33.779 --> 00:07:36.860 lot of uncertainty out there. And again, I will 00:07:36.860 --> 00:07:39.860 stress that on the sell side or the buy side, 00:07:40.019 --> 00:07:41.620 if you're looking to get into real estate, it's 00:07:41.620 --> 00:07:44.079 not about the news cycle. It's about your personal 00:07:44.079 --> 00:07:47.000 situation and what you're looking for. Like focus 00:07:47.000 --> 00:07:49.779 on yourself, focus on what your needs are, focus 00:07:49.779 --> 00:07:51.920 on your financial situation, because if you're 00:07:51.920 --> 00:07:54.060 going off the news cycle, like you're not going 00:07:54.060 --> 00:07:56.439 to get off the couch. Like, oh, the tariffs and 00:07:56.439 --> 00:07:58.540 then the stock market, it's going up and then 00:07:58.540 --> 00:08:01.199 it's down and I don't know what to do. Well, 00:08:01.379 --> 00:08:04.279 I mean, we've seen the tariffs. I mean, it just 00:08:04.279 --> 00:08:06.500 depends on what day it is. Like, you know, now 00:08:06.500 --> 00:08:08.540 it's now it's up again. Now there's deals being 00:08:08.540 --> 00:08:11.560 made and stock markets up and seeing a rise. 00:08:11.720 --> 00:08:14.759 So just turn it off. To be honest, this is my 00:08:14.759 --> 00:08:16.819 advice. Check with your local real estate agent 00:08:16.819 --> 00:08:19.939 and and your own financial situation. And my 00:08:19.939 --> 00:08:22.660 my advice to buyers is because I've seen a lot 00:08:22.660 --> 00:08:27.399 of these rent versus buy like TikTok reels and 00:08:27.399 --> 00:08:31.519 whatever. And I'm more empathetic towards like 00:08:31.519 --> 00:08:35.460 the, you know, maybe it's better to rent. I don't 00:08:35.460 --> 00:08:37.940 ultimately think that's the case, but I can see 00:08:37.940 --> 00:08:42.539 the... I can see the argument for like, you know, 00:08:42.539 --> 00:08:45.000 rent a reasonable place and save your money and 00:08:45.000 --> 00:08:47.779 an index fund or whatever. So it just gets down 00:08:47.779 --> 00:08:51.360 to like your personal situation. And so my typical 00:08:51.360 --> 00:08:53.840 recommendation for buyers is like, if you can 00:08:53.840 --> 00:08:56.740 comfortably afford the mortgage and still be 00:08:56.740 --> 00:08:59.179 able to save, like you still have a dedicated 00:08:59.179 --> 00:09:01.100 percentage of your income that you're saving 00:09:01.100 --> 00:09:04.740 five, 10%, if you can. afford the mortgage and 00:09:04.740 --> 00:09:08.000 you can still save, then you're at a level where, 00:09:08.019 --> 00:09:10.659 you know, that might be a good time to purchase 00:09:10.659 --> 00:09:13.679 a home. If you have to put everything all in 00:09:13.679 --> 00:09:16.440 to buy a home and that leaves you no room for 00:09:16.440 --> 00:09:19.419 saving, no room for anything, then obviously 00:09:19.419 --> 00:09:23.679 I would say maybe think twice or wait or shore 00:09:23.679 --> 00:09:27.399 up your financial position. That's kind of what 00:09:27.399 --> 00:09:30.220 I've always thought. I don't think you should 00:09:30.220 --> 00:09:32.779 go all in on a house just to have a house. I 00:09:32.779 --> 00:09:34.480 think you should look at your specific situation 00:09:34.480 --> 00:09:37.080 and make sure you're keeping your savings rate 00:09:37.080 --> 00:09:40.539 at something. This is just my... financial outlook, 00:09:40.639 --> 00:09:42.580 not financial advice. But I hope this is helpful. 00:09:42.720 --> 00:09:45.639 If it is, please drop a like. If you are looking 00:09:45.639 --> 00:09:49.200 to buy or sell in Clark County, Washington, the 00:09:49.200 --> 00:09:53.899 links to schedule, no pressure, chat. I'd love 00:09:53.899 --> 00:09:56.879 to just answer your questions. There's no hard 00:09:56.879 --> 00:09:59.320 sell. If you want to work with me, I think that's 00:09:59.320 --> 00:10:01.799 great. I can let you know what I can do. But 00:10:01.799 --> 00:10:03.899 I would love to answer your questions and give 00:10:03.899 --> 00:10:06.600 you just the real the real info that you need, 00:10:06.759 --> 00:10:08.519 because a lot of people are just going to tell 00:10:08.519 --> 00:10:10.379 you whatever you need to hear. I don't need to 00:10:10.379 --> 00:10:13.700 do that. You know, I'm not scraping by waiting 00:10:13.700 --> 00:10:16.279 for my next commission to pay the bills. So I 00:10:16.279 --> 00:10:19.659 pride myself on honesty and integrity. And I 00:10:19.659 --> 00:10:21.320 would love to just answer your questions and 00:10:21.320 --> 00:10:23.799 give you my honest thoughts. And then if that 00:10:23.799 --> 00:10:26.019 sounds great, great. If it doesn't, then, you 00:10:26.019 --> 00:10:28.580 know, you've. That's cool. We can still be friends. 00:10:28.720 --> 00:10:30.440 I like you. Links in the description to schedule 00:10:30.440 --> 00:10:34.500 that. Also, if you're looking to invest out of 00:10:34.500 --> 00:10:37.399 state, you know, Clark County is expensive, PDX 00:10:37.399 --> 00:10:40.120 expensive. If you're looking to break into real 00:10:40.120 --> 00:10:42.539 estate investing, out of state markets can be 00:10:42.539 --> 00:10:44.860 a great solution to that. I do that as well. 00:10:45.059 --> 00:10:47.480 I'm currently looking at the Oklahoma City market 00:10:47.480 --> 00:10:50.299 and I have connections there and I'd love to 00:10:50.299 --> 00:10:52.440 put you in touch. I'd love to help you out if 00:10:52.440 --> 00:10:54.600 you're looking to invest in markets like Oklahoma 00:10:54.600 --> 00:10:58.039 City. Fort Wayne, Indiana, Columbia, South Carolina, 00:10:58.460 --> 00:11:01.539 Athens, Georgia. I know people in these markets. 00:11:01.639 --> 00:11:03.799 These are great markets. And you can schedule 00:11:03.799 --> 00:11:05.740 a chat for that, too. If you want to talk about 00:11:05.740 --> 00:11:07.340 out -of -state investing, I'd love to just chat 00:11:07.340 --> 00:11:10.039 about that. Hope this has been useful to you, 00:11:10.100 --> 00:11:11.620 and I'll see you next time. Take care.