NWMLS numbers for August are out. There is cause for optimism here. It shows Washington state’s pending sales up 26% over Aug 2010, as well as closed sales being up, but it’s way too early to break out the champagne. We are going to continue to see a heavy volume of foreclosures in the coming months.
Now if you have been waiting for just the right time to buy, maybe you should take a look at where we are right now. Prices are down as low as they have been in recent memory. We are not yet seeing appreciation and interest rates remain incredibly low. If you believe The Wall Street Journal, CNN Money, or any of the other articles predicting serious appreciation in TACOMA, then we are near bottom. Right? Didn’t Warren Buffett talk about buying when markets were down? I’ve certainly never seen an environment this favorable in the 16 years I’ve been selling real estate. We’ve hit a point where homes are affordable in comparison with local income levels. We may not be celebrating a full recovery, but it sure is nice to see some improvement! If buyers start to recognize this opportunity, that trend is likely to continue.