To answer your question, first, in Seattle we have a seasonal trend. Number of Pending sales, and more importantly, Absorption Rate, almost always peak in March, April and May. Absorption dips in mid summer - usually July and then goes up in August, September, and October and hits it's lowest point of the year in December and January. You can see this very clearly at my website, http://www.karenmcknight.com
, if you click on Market Statistics and look at the 10 year Puget Sound graph.
On these graphs, you will also see that 2009 saw an improvement in absorption over 2008. I wrote a BLOG this weekend when I discovered that appreciation from 2002 to 2009 was 3.8% in King County. My BLOG is also accessible at http://www.karenmcknight.com
/ BLOG / Real Estate.
Yes, we are seeing thousands of homes auctioned per week in Snohomish, King and Pierce county together. The lenders are able to discount these homes now because they are being paid back some money from the feds due to the Stimulus Act.
Yes, the Option Arms will be resetting through 2011. The NAR economist predicts we will start seeing fewer Short Sales and foreclosures and that appreciation, on a national average, will be 3.7% in 2009.
The Washington state chief economist predicts our housing market won't be "turned around" until 2012. Moody's predicts the Seattle market is in the top five to recover from the recession and will see .5% depreciation, overall. Some neighborhoods, like West Seattle, are seeing some appreciation right now.
Now, what does all this mean? It means, if you want to invest, now is the time. It means, if you are a first time home buyer or a "move up" buyer, now is the time. It means, if you want to move to a more expensive area, now is the time.
If you are moving to a less expensive home in a less expensive area, now is not the time, in general.
The most important question is, based on your own unique location, equity, goals and problems you want to solve, what do you want to accomplish? The advise regarding whether to sell or buy, or both, which it looks as if you want to do, becomes very personalized. I am happy to consult with you on your best options.