Perhaps you can recall the Japanese real estate buying spree of the 1980s. Japanese buyers flush with money drove up real estate prices in key markets on the west coast after values had declined. Now CNN has reported that Chinese upper middle class investors are poised to do the same thing as soon as home values end their decline.
An Impending Boom in the Kennewick Real Estate Market?
With Washington state having been a preferred destination for newly arriving Chinese for decades due to it’s familiar topography and climate the Kennewick real estate market is now poised for a boom in the coming future. It’s not just speculation but key local economic indicators that have homeowners and agents watching the horizon.
Some Numbers to Consider
For instance, there are only 429 homes currently available for sale in the Kennewick real estate market. If that number seems hight to you, then maybe you should take a look at comparative numbers of available homes in similar west coast real estate markets.
A Slowing Decline in Home Values
Also, the decline in home values has began to slow in the Kennewick real estate market. In fact, the latest figures show that home values declined by 1.7% in the first two months of 2009. Granted, it was a decline but it is less that in previous months and far less than the same time period one year earlier.
A Renewed Interest in Kennewick Real Estate
All of these facts combined have local real estate analysts speculating that by this time next year there will be a definite up tick in home sales in the Kennewick real estate market. As one Kennewick real estate agent put it, we are seeing a definite increase in interested parties, which will inevitable translate into buyers in due time.
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