Prices Down, Buyers Up

Seattle Real Estate Prices vs. Buyers

While prices continued their year long decline, the number of pending home sales in the King County real estate area increased in September for the first time since the real-estate slump began last year.

This could be a sign we have hit the bottom and things are starting to turn upward. This would be the time for buyers to jump on the band wagon if they are going to do it.

In September, sellers accepted buyers' offers on 1,767 houses, up nearly 15 percent from September 2007 according to the local listing service. It was the first year-over-year increase since February 2007.

The number of pending condo sales, in contrast, slid more than 20 percent.

For sales that closed last month, the median price of a single-family home slid 7.8 percent from the same month the previous year. That actually was an improvement over August, when the median price plunged more than 11 percent.

But September's median house price — $415,000 — still was the lowest since March 2006. This is why NOW is the best time to buy a home.

Last September is when things really started to slump and it has gone down ever since.... so this turn is a great time to get on board.

Lower prices and lower interest rates helped push some prospective buyers off the sidelines. They included first-time buyers and investors interested in foreclosures and short sales.

Sellers are dropping their prices also. Queen Anne and Magnolia experienced one of the steepest year-over-year declines in the county last month. So if you are interested in buying or been on the fence about it, now would be the time. I can help with the loan process and through any Snohomish and King county real estate transaction.

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