Where do we stand?

In these crazy and uncertain times in our country, it is normal to be weary and cautious about jumping in a real estate deal. After all, it is a very important decision, and should not be entered into lightly, or without the help of a real estate professional. but how do we separate the facts from the myths? What kind of a market are we in? when will market conditions get better? How do we know that prices won't get even lower than they are right now?

All of these are good questions to ask. But rather than asking your self these questions, ask a real estate pro. Ask me. it doesn't cost you a thing, you'll get better answers, and then you can repeat what I said to your friends as if you came up with it, and feel better about yourself.

I can talk about this for a long time, but I can sum it up in a few words: It's a buyers market. Here's why:

Inventory is high, prices are lower than they used to be, and interest rates are incredibly low right now. But we started noticing that inventory has been shrinking in the last two months. which means your options are starting to decrease. and when that happens, prices start to go up.

www.righttimetobuy.org says"Sellers are eager to deal and experts predict that buyers who wait, hoping for even lower prices, could end up paying more as interest rates rise. This is already starting to happen. If the house you purchase costs less but your interest rate is higher, the interest rate you pay could wipe out any potential savings from that lower sales price."

Compared to the rest of the country, our market is one of the healthiest in the nation. Forbes magazine lists Seattle as one of the top 10 recession proof cities, and a recent article in the Seattle Times lists Seattle as the number one city most likely to rebound from the housing slump. So the question remains: when prices start to go up, where will you be living?

So, if you have questions, ask me. or if you have questions about loans and their availability, I know one of the best mortgage professionals in town. I'd be happy to introduce you. the bottom line is, get the conversation going. My wife and I did, and we ended up buying a great condo in north Seattle that we love.

Until next time,