Julie A. Hall, MBA

Julie,
I believe there is a floor in place for the lower end of the market. Prices for first time buyers are pretty much as low as they can go. The only element that may change this is another wave of foreclosures or a 'melt down' in the commercial real estate market. Get above the first time home buyer market and the circumstances very much depend on the specific neighborhoods. A nice home is a more speculative area may still be subject to discounting unlike a home in a more affluent location. I would also suggest that it doesn't take much distance from downtown Seattle to see weaker trends and pricing. Head out to the suburbs and you'll see far more instances of short-sales and REOs than the in-city neighborhoods. There's also a strong distinction between condos and townhouses versus single-family homes. The trends of July and August will likely provide us more non-seasonal clues now that buyers (and sellers) may have lost their focus while the sun is shining. Lastly, the looming deadline of 12/1/09 for the $8K tax credit will likely bring about a burst of energy and have the market heat up for a second course during early fall.
Steve - Wed Aug 12 2009, 10:30