I think we all wish we knew the answer to that question. In my professional opinion, the best neighborhoods will not drop significantly ( Mar Vista being one of them). It is a buyer's market and most sellers are willing to negotiate. Make an offer and see what the seller's counter is.
Dorene
Coldwell Banker, Playa Vista

While no one knows for sure where our market is headed, I would say...go for it. Purchasing is about negotiation, so if you want to throw an offer at him and see what their response is, why not? With all of the uncertainty out there you never know what a Seller's motivation is, and you might just be able to snag a property. However, if it is a home that you are in love with and would hate to see get a way, I might be a little less agressive with your low-ball offers. If you're just looking to snag a great deal, go for it.

As for the rates of decline by the summer, I don't think a 15-20% decline in that area is realistic. While prices may continue to re-adjust, I'm not sure they will fall that quickly. What may happen by that time, though, is that interest rates will have risen, so you might want to think about getting locked into a loan before that happens. Rates are inching upwards, so definitely do your homework and ivestigage what your options are. Good luck!

Connie
Broker, Coldwell Banker Beverly Hills http://www.ConnieDeGroot.com

You can offer whatever you want. If you can get it for 20% less than what it's listed for, you probably won't have to worry about home values dropping.