2009 has arrived. Anacortes rang in the new year with about two weeks of snow prior to the ball dropping. Probably the biggest snow in a decade to hit the Puget Sound area lent itself to a jump on holiday lounging, skiing, sledding, and what many us so often desire.....a truly white Christmas.
2008 undoubtedly was an ebb and flow year at best; with it being primarily an ebb year for most. Production for my real estate business was down about 20% and for some considerably more. The economic woes of a country that had been living the highlife from a lending perspective over the past years beared their true weight. This burden came at time when the country was pondering its new Commander in Chief, the continuing war in Iraq, sliding home values and the upcoming holiday season.
Well, many economists claim the worst is behind us, although some forecast an even bleaker 2009. Here in Anacortes, there have been a few business closures and a handful of foreclosed homes. Prices have slid and much of the gains in the '03 to '05 years have all but washed away. Current values are becoming more reasonable and there are starting to be deals on the market again.
Prices having dropped and potentially plateued, mortgage rates at historic lows, and Sellers reaching close to their wits end with excessive days on market all spell out one thing......a buyer's market. If you are thinking of purchasing, have been sitting the fence for some time, I feel that now is time to start your active searches. Even if you haven't totally determined you are ready to make the plunge into a new home or a second home or even a rental....it is totally worthwhile to call your agent and just window shop at the very least. Homes that you see and that attract you now, may very well tweak a final time or two and having looked at them prior will enable you to pounce when the deal is subjectively ripe for you.
Remember, you are not the only one watching and waiting and usually when a specifically desirable home gets into a certain price point area......it goes and goes quickly. Last you want to do is to not prepare for that and assume no one else will want the same home. Ultimately by not doing so you merely trade in all gains in negotiating for a multiple offer scenario that drives the price back up. Believe me...it happens.
I personally have been shopping again after taking a 3 year hiatus from investment purchasing. I see acreage prices having dropped, and there are even worthwhile homes and condos in Anacortes for under 200k. All good signs.
My last thought for you is this: none of us in the real estate industry really know when the bottom of the market has come until it is well passed. Once the 'herd' of the nation is riding the upswing bull market....the true gains have already been had. My only suggestion is take this bull by the horns now for a nice easy ride. You make your money when you buy, not sell, and the time to buy is often passing while many are keeping that fence warm.
Good luck and please, don't hesitate to call or write with comments and questions.
Troy
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