'Just be prepared to go full circle.'
Brenda and Drew Roosma, co-founders of the Othello Realty Group, stand outside their office in front of an Othello Chamber of Commerce business of the month banner from June 2019. Brenda said the Othello housing market is strong compared to surrounding areas.
GABRIEL DAVIS/COLUMBIA BASIN HERALD
The Othello Realty Group office, located on East Main Street in Othello, covers real estate needs in Othello, Moses Lake, Ritzville, Connell, Warden, Potholes, Lind and the greater Columbia Basin area, according to their website.
OTHELLO — Brenda Roosma, co-founder of the Othello Realty Group, provided an update on the Othello housing and real estate market and said it’s fairly strong compared to surrounding areas, even as interest rates climb.
“I feel the market is still pretty stable, overall,” said Roosma. “For the Othello area, I've never seen a decrease. I've been doing this for 24 years, and the Othello area has always been strong, and it's always increasing. I haven't seen it go the other way.”
Roosma said that the one thing that has changed significantly in the past year in Othello is interest rates, as with many other cities and communities in the United States. She said this has made people more hesitant to put in offers for homes.
“The market, overall, I’ve seen it slow down a bit,” said Roosma. “More listings are coming on and sitting longer. It wasn’t like it was last summer, there aren’t multiple offers coming in, so it is taking a little longer because of interest rates. Fewer buyers, of course, qualifying for that higher price.”
Roosma said interest rates in Othello right now average somewhere around 7% depending on the individual client’s credit score, down payment, loan program and financial situation.
“It always makes a cycle. To me, it's always a full circle. So, interest rates are going to go up, home prices will drop. When interest rates go down, home prices are going to go up. It's actually a kind of a flip-flop. It really balances either way,” she said. “Just be prepared for the full circle.”
As far as Othello’s ongoing housing shortage is concerned, Roosma said that there isn’t much change to that aspect of the market. The shortage has led to new construction in town, but because of interest rates buyers are not putting in as many offers. Regarding the rental market in Othello, Roosma said that there is still a shortage of rental properties and they are still very expensive.
“As the rental market is, you might as well buy compared to what you’re going to rent for now,” she said.
In this housing market, Roosma said her advice was to focus on getting everything in order on the financial side of things before searching for a home.
“Knowing your situation, saving your money for a down payment, or your closing costs, setting money aside, not making late payments so you can qualify and get a better rate. And once you get qualified, then coming in, sitting down, sharing what you're looking for in a home,” said Roosma. “It’s important, I think, to get to know your agent. It’s a process together, as a team …communication is the biggest thing.”
One aspect of the market that Roosma repeatedly emphasized was that Othello is growing, with more construction and development happening in the city.
“Othello is continuing to grow. The STCU (branch) is expanding, with four new (drive-thru) lanes there at the bank. There’s talk of some more people trying to develop … I think it's gonna continue to grow, it’s just how fast,” said Roosma.
Gabriel Davis may be reached at gdavis@columbiabasinherald.com. Download the Columbia Basin Herald app on iOS and Android.
