Tri-Cities Real Estate Climate

As we listen to the national news, and even the news coming from the westside of the state, we keep re-examining ourselves here in the Tri-Cities; taking our pulse and listening for a heartbeat. So far, things look good. Homes are selling and our inventory is lower than usual, but that creates a great supply and demand scenario for sellers. We do see some hesitance to purchase in some areas and our new construction has been impacted due to the inability to get financing. Our resale market is the strongest arena right now. We see some prices being lowered, but for the most part, our markets are strong and consistent.
Major new construction developments are experiencing difficulty in getting financing, particularly those in a niche market. There seems to be an adjustment going on in the financial world that will ultimately impact this market on a local basis. Plus, we're going to see a reduction in costs for materials and labor due to the supply and demand. There are more construction workers out there looking for work and materials, like electrical supplies and steel, are going through a reduction, too. Ultimately, we should see a resurgence in the niche market. Baby boomers are still wanting a different lifestyle, one more carefree with less or no maintenance involved. As long as they can sell their home, they will continue to migrate into this new lifestyle. It's the ole Patience, Faith, and Reward that will pull us all through this. Hopefully, we'll see a transition that doesn't hurt for too long.