Buyer or Seller's Market?

[LMB]

Thanks Ira! I'd appreciate your info. I'm sure Seattle has a stronger housing market than Poulsbo or other areas of Kitsap. I see lots of For Sale signs around here, and although there are some Sold signs too, it seems properties are on the market for a long time and go through several price reductions before selling. There are some active pockets here too, but I think the overall area is still a slow market. Not surprising really, considering the sluggish real estate market nearly everywhere. I felt the realtor was probably passing along wishful thinking to our friends rather than reality.

Thanks again! You're the best!

Lynn

[Tony1790]

Originally Posted by LMB

Thanks Ira! I'd appreciate your info. I'm sure Seattle has a stronger housing market than Poulsbo or other areas of Kitsap. I see lots of For Sale signs around here, and although there are some Sold signs too, it seems properties are on the market for a long time and go through several price reductions before selling. There are some active pockets here too, but I think the overall area is still a slow market. Not surprising really, considering the sluggish real estate market nearly everywhere. I felt the realtor was probably passing along wishful thinking to our friends rather than reality.

Thanks again! You're the best!

Lynn

Howdy,

Looking at the NWMLS, it appears prices in Kitsap are down 12-13% year over year, as the slow down in the Seattle area is really only just getting started, I expect falling prices through at least the end of 2009, more likely 2010.

Just a quick glance at the Port Orchard housing stock and it appears that prices are back down to late 2004, early 2005 prices. I was a huge buyer of homes in 2005, saw the bubble, sold in 2006/2007. When I was still buying, I'd do a search of 3/2 under $200k and rarely found any homes listed, now many pages of homes.

Are you selling or waiting to buy? If waiting to buy, I'd wait a while longer, if selling, I'd git er done, housing is going to continue to go dow for a while:

1. Loans tougher to get due to financial collapse
2. Mantra went from: Houses only go up......to......where's the bottom? People are losing big money and that loss leaves a bad taste, for a while.
3. Retirees will be dumping their "nest egg" going into retirement and downsizing
4. Homes are just unaffordable, especially going into a recession.

Good luck

Tony

[MichaelinWA]

Yet another story in the newspaper, regarding King, Pierce and Snohomish counties, in comparison to other metro areas.

Seattle area house values plummeted 7.1% from June 2007 to June 2008