We've seen values hold steady for about a year now. Asking prices have been coming down but sale prices have been flat across all price points. I have some great charts to illustrate this - just let me know and I can send it to you. Or if you can go to my website for Santa Rosa homes for sale http://www.realestateinsonomawinecountry.com/
There are charts showing "listing price".
Understand that Real Estate is pretty unique: A particular home can only be sold once, and unless you are talking about a Subdivision, no two houses are alike; especially when you add in features, contingencies and personalities.
Today's group of SOLDS is a totaly different group than we had last year.
So, when we talk about the MARKET, we mean a pool of transactions that is large enough to produce a viable mean and median.
So, if you stand back at look at the whole Market, you may see that the average house is 1.5% lower than it was last year; but what does that tell you?
If you are a Buyer or Seller right now, you are dealing in ONE house; yours. And that house was not part of the pool last month or last year. And that house is the only one you really care about.
If you are a Seller, you will want to prepare and present that house is the best possible light so that it will sell quickly and for the max.
If you are a Buyer, you want a particular house to meet your wants and needs. If it does; the price becomes secondary. If you live there for five years; you will only see the long-term increase in the value.
Realize that there has never been a long term period in Real Estate where values went down.
There will not be a nadir for every house on the market. It will be a nadir for the mean and the median, and you will be able to see that point until a year or two from now.
As I have said, there will be no bell ringer, walking around, announcing the bottom of the market, there will be no headline in the newspaper.
If you want to buy a house now; take advantage of the fantastic interest rates we have now, and start enjoying the fruits of home ownership.