Thank you both for your answers....in answer to your question, Margaret, I am really not sure. Its hard to use national models to predict the bottom, since, "all real estate is local". I have been watching both the condo market and the lower end of the housing market in Wells for a few years. Some condos/homes have been sitting on the market for over a year, with very little price reduction. I have used the assesors data base to see what some of the owners paid for their units. A few owners who bought at the peak of the bubble seem to have "set" pricing for the rest; obviously, no one wants to drop their price if the unit next door sells for three times what they paid. If I applied national predictions....that real estate levels will roll back to 2000-2001 prices, adjusted for inflation, then I would be right in the ballpark to purchase a condo at the complex I am interested in. But again, this may not be the case for Wells.
I do think other things will effect the housing market in Wells, in particular the seasonal/vacation home market; unemployment rates, consumer confidence, the ability of investors to rent their units if consumers cut back on discretionary spending. For someone like myself...interested in purchasing a vacation property for my own use.....waiting could mean the difference between buying something smaller and less comfortable now, or waiting and, hopefully, being able to purchase a unit that is a bit larger, with more amentities, in a complex I like.
It is puzzling, though, to see properties listed for years, still not sold.