As of this writing, the Snohomish County real estate trend shows that we have leveled off (at least since April '09)  Is this a sign of recovery or are we just holding up because of the seasonal real estate cylcle? Spring and Summer usually carry more activity than the Fall or Winter seasons.

I hear these questions often; how can we tell if we have hit bottom? Will prices continue to decline? When will they go back up?

As we all know, no one can predict the future. The only way we can tell we have hit bottom is when prices start to go upwards. In other words, once we find ourselves in a steady upward trend and we look back at the past, we can see where the bottom was left behind. At that point we can say with certainty that we did hit bottom.

In March 2009, Penn, Schoen & Berland Associates conducted an online poll with prospective first time homebuyers for Century21. This survey revealed some interesting facts about first time homebuyers concerns and market perceptions
The most interesting findings to emerge from this survey included the following:

In this article I will share with you how you can gain from a down market. If you are a home owner and you are considering trading up, this market may by the best opportunity for you.

First let’s ask ourselves the following questions:

Do you think prices have dropped?
Your answer most likely is: YES!

Now,

Do you think prices will go back up?
I am sure you will agree with me, they will.

In this issue of market focus I decided to take a look at three neighborhoods in Monroe. The results are not necessarily a surprise to you since we all know that real estate values have dropped. The questions I often hear from homeowners and buyers are; how much?, will they continue to drop? or, how can I sell my home in this market?

Make no mistake, the market is as gray as February skies.  But a bit of blue is appearing. Increasingly, first-time home-buyers are moving into the market taking advantage of low prices and comparatively good mortgage interest rates.

Many people these days ask me about foreclosures, short sales and bank owned properties. Usually these questions come from prospective buyers looking for buying opportunities. In most cases, these questions stem from the news media and, understandably so, some buyers feel that they can get a good deal by purchasing these types of properties.

When there are more homes available for sale than the marketplace demands, selling a home requires an extra level of attention and professionalism. Every effort must be made to make your listing the most appealing, from the staging to the price. That is why hiring a selling agent is a critical move when selling during a buyer's market.
The duties a selling agent will perform depend on the contract signed, but in general real estate professionals will execute in four key areas.

One of the most important steps in the home sale process is the appraisal. Once a buyer makes an offer on your property and you accept the terms and conditions, the buyer's lender will want to have the property appraised.

The reason? The lender wants to make sure the property is really worth the amount the buyer is willing to pay. Remember, if the buyer is unable to meet his obligation and defaults on the loan, the bank becomes the owner. They do not want a property that is more valuable on paper than it is in the marketplace.

There are many variables at play during a real estate purchase; so when you have the chance to control one of those factors, it can be very appealing. That may be one of the reasons most buyers choose to "lock in" their mortgage rate.

Now the question becomes, "How do I find a qualified inspector?" Referrals are probably the best bet. Ask your real estate professional, friends and family who they recommend. But no matter who you choose, you need to ask a few key questions.