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Area real estate agents say that home sales here have slowed considerably in the past year, but there are still buyers looking for well-priced homes.
Story and photo by Ken Graham
Amid dire news from around the country about soaring home foreclosures, failing banks and a deep recession possibly on the way, homeowners in southeast Washington may be wondering if our region will be part of the housing collapse. According to local real estate experts, housing markets in Dayton, Waitsburg and Walla Walla are soft now, but aren't close to falling off a cliff.
"We haven't seen very many foreclosed houses for sale around here," says Mary Warren, a Dayton real estate agent who works out of the Coldwell Banker office in Walla Walla. "In our small communities, I don't think lenders were making loans to people who couldn't afford them," she says. Warren says that, while the market is definitely soft, buyers are still out there, and homes are still selling if they are priced right.
Blaine Bickelhaupt, Broker/Owner of Dayton's Windermere real estate office, says that his office was very busy the first half of this year, but business slowed some over the summer. "The inventory is huge right now," says Bickelhaupt, noting that there are currently 60 homes listed for sale in the Dayton zip code in the Multiple Listing database. "That's the most I've ever seen," he says. Bickelhaupt says that agents in his office are currently working with several home buyers, but they are very price sensitive.
According to both Warren and Bickelhaupt, Mortgages are still available to home buyers with good credit and some down-payment money. "The days of zero-down mortgages to buyers with shaky credit are gone," says Warren. "Buyers need to have a down payment, but mortgages are available."
Bickelhaupt pointed out that several programs are available for first-time home buyers. These offer special incentives, including reduced closing costs, or help from relatives with the down payment.
The chart on this page shows the change in sales in Dayton, Waitsburg and Walla Walla between the first three quarters of 2007 and the same period of 2008. Numbers shown are only for sales through the Walla Walla Multiple Listing Service. The chart also shows current numbers of homes listed in the three markets. Agents agree that these numbers are near historic highs.
Most local experts agree that, despite weak housing markets in Dayton, Waitsburg and Walla Walla, things are much better here than in many parts of the country.
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