Current Trends in our Market...

Over the past couple months the real estate market in the Seattle area has continued to see a stabilized pricing on homes while experiencing a gradual decline in homes on the market. First time buyers continue to race against the clock, trying to take advantage of the Government Tax Incentive for the first time buyer. Currently the government $8000 tax credit is set to expire on December 1st, 2009. Signs continue to reflect that we may have reached the bottom of the real estate market.

While this is a deep sigh of relief for almost everyone, there is still some unknowns that could affect different pockets of the market. Depending on what happens with Boeing, for example, areas around Everett could soon be dealing with an influx of homes coming onto the market from employees having to transfer. So sorry, no crystal ball here.

Still though, despite all the hustle with buyers, Sellers are still typically seeing 60 - 90 day market times for homes under the 350,000 price point. Higher priced homes are generally seeing a little longer market time due to the smaller number of second time home buyers in our market today. They are still out there, but most of them have to sell a home first before they can buy their next home.

Bottom line the next two months will continue to stay busy, especially for the first time home buyers. While rumors of an extension to the Governments Tax Incentive loom about most buyers do not seem to want the risk by waiting till later to buy.

- Bryan Lovell