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 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.

It may seem like a tough time to be in the market for a home. In the wake of the sub-prime mortgage crisis and the related banking upheaval, lenders have tightened their purse strings and put the brakes on issuing homes loans, at least at the rates and terms that were prevalent just a year to six months ago. But not all the news is bad for today's buyers.

First, this new approach to lending can reduce the risk that you be a victim of unscrupulous lending practices. As a result, this more stringent approach may work to your benefit.

Real estate is a cyclical business. Market conditions change over time creating a selling environment that sometimes favors the seller and at other times the buyer.

Most of the country today is experiencing a buyer's market. This means there are affordable interest rates and the inventory of properties is high. In other words, buyers are getting more for their money and have lots of homes to choose from.