BUSINESS NEWS
Coast River Business Journal
Lesley Ferguson, Realty One Group Pacifica
Peninsula attracting home buyers
How long have you worked in the field?
“Licensed since Sept 2016.”
What is the main community you sell in?
“All of the Peninsula, occasionally Naselle.”
Is there an area you consider your expertise
or specialty?
“Helping people that are relocating to the
Peninsula to settle in, to recommend service
providers they will need to set up, and to find their
niche in the community.”
How do sales and inquiries from potential
buyers and sellers compare this summer to last
year at the same time?
“It feels busier this summer, a little desperate.
I think a lot of people are feeling that the market
is going to drop at some point, and so they want
to gain as much from the sale of their city homes
now, and move to the Peninsula where prices are
still pretty reasonable. We also have clients who
work over the river who can’t afford to buy there.”
How does your number of listing/inventory
compare to last year and recent years?
“Our inventory numbers are typically pretty even,
but in January this year we had 796 total listings
[including building sites] in S. Pacific County (7
months supply), and we are currently down to 685,
a 6-month supply. The small spike in new listings
we usually see in April/May didn’t happen this year.
And in the rest of the state, there is only a 2.5 month
supply, which is squeezing our market further.”
Would you consider it more of a buyer or
seller’s market?
“It still appears to be a seller’s market due to the
lack of inventory, and number of people who are
wanting to buy here. Well-priced listings are not
lasting long. But it depends on the condition of the
property, too.”
What are the unique benefits of purchasing
in Pacific County?
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“I can’t speak to the
north county as I don’t
do much business there,
but the Peninsula is
such a unique place: at
the confluence of the
Columbia River with
the ocean on one side
and the bay on the other,
we are surrounded by
natural beauty with a
Lesley Ferguson
mild climate. We are
rural, but there’s plenty to do here and you can be
as busy or as isolated as you want to be. The best
part of living here is our wonderful community.
I’ve met people who can choose, and afford, to
retire anywhere in the world, and they choose
here. You can’t beat this lifestyle.”
What are the biggest drawbacks?
“People move away when they need to be
closer to large medical facilities, or want to be
able to watch grandchildren’s ballgames without
it being a two-hour drive. And our tourism and
fishing-based economy means income can
change drastically over the seasons.”
Have you witnessed any trends or changes
in the community regarding sales?
“Clients’ needs seem to come in waves and
I’m never sure what’s driving that: for a few
weeks you get a lot of people looking at land,
then a lot of people looking at oceanfront. But
there’s always a demand for houses under $200K,
oceanfront or view higher-end homes, and vacant
land with utilities already on site.”
How do closings now compare to the past
couple years?
“In the last 6 months we have closed half as
many residential sales as we did in the six months
prior. I think that number will double again as we
get through the summer months. Sales remain
pretty steady year-round here. We are not driven
by the school year like most communities, as a
lot of our buyers are retiring here.”
Are loans sufficiently available? How are
interest rates?
“Interest rates have been a roller coaster this
year, but they are still very low. We have seen
some sales fall out due to buyer’s losing their
financing when they were laid off. Lenders will
not underwrite a loan if the buyer is currently
unemployed. And they have increased their
credit score requirements.”
How are appraisals coming in, about what
you expected? Higher? Lower?
“Appraisals are mostly coming in on value,
although our lack of sold comps and inventory is
proving challenging.”
What’s your local situation with regard to
building sites? How is supply and demand?
“There is a lot of vacant land for sale on the
Peninsula, but it is not easy to develop. Most
buyers will pay more to have utilities already
on the property, but most sellers don’t want to
spend the money that it takes to get to that point.
We have so many areas of wetlands and they
have become more protected in recent years…
it’s not easy to develop here. The Department of
Community Development is good to work with
and helpful but they have to follow the state
environmental rules, obviously.
Are development costs holding back new
construction?
“New construction has been full steam ahead
for a couple of years now. The biggest issue is how
far out the contractors are. We have a handful of
excellent contractors who know how to build for
the climate, and they are three to four years out.
Material costs are high too but our development
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June 2020 • 15
Realty One Group Pacifica
Lesley Ferguson, broker
511 Pacific Ave., Long Beach
Pacifica.myrealtyonegroup.com
costs don’t seem out of line.”
How friendly is the market for first-time
buyers compared to the previous year? Is it
becoming easier or increasingly out of reach?
“Housing prices are still rising here, making
it harder for first-time home buyers. There are
still USDA loans with 0% down and FHA loans
available, but the trick is finding a house that
qualifies for the loan from a condition point of
view but is affordable. Hard to find that around
here. The unemployment issue and higher credit
score requirement aren’t helping either.”
What impact has the covid-19 crises had on
the current real estate market?
“Personally, there was one week where it
seemed like everybody was holding their breath
waiting to see what was going to happen, and then
the dam broke open. People are realizing that they
can work from home, and they are wanting to
move out of the city to enjoy a better quality of
life and less commuting.”
What do you feel could be the impact further
down the road?
“There are so many homeowners in forbearance
with their lenders currently that I fear it will cause
a lot of foreclosures if the economy isn’t able to
get going again. That will cause prices to drop,
as we are seeing in big cities like L.A. But the
Peninsula is usually at least two years behind the
major markets, and sometimes those trends miss
us completely.”
Are you seeing more commercial or rental-
agency listings? (Vacation rental fallout?)
“Not yet, and possibly because of the current
moratorium on new vacation rentals, so those
who are licensed are holding on to their VRs and
choosing to ride out the summer with long term
renters. There is so little available for rent here that
they don’t last stay empty for long.”
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