Statistics are saying yes!

 

This just in from the NWMLS (the authority in local real estate statistics):

 

'KIRKLAND, WA, June 4, 2009 � Waiting longer to buy a home is not likely to pay off, according to Northwest Multiple Listing Service director Kathy Estey after reviewing reports summarizing May activity. Estey pointed to shrinking inventory (about 20 percent fewer listings than a year ago), double-digit increases in the number of pending sales (up 17.7 percent from a year ago), solid open house activity, and signs of stabilizing prices (eight of the 19 counties in the report show price gains since January) as indicators of an improving market.'

 

So:

Sales/demand is up 17.7%

Inventory is down 20%

Rates are low and increasing

Based on the economics of supply and demand, all indicators are that now is a good time to buy.  Add in the cost of borrowed money increasing and I think we are going to see a mini rush this summer.  I personally don't think you are going to have all the factors in the buyer's favor the way they were 2 months ago again and unless there is another economic crisis things are going to keep pushing in an upward direction.  There may be a seasonal slowdown in winter, but I think this will be the normal seasonal adjustment.

 

Please note that for the last 6-8 months, I have been telling potential buyers to wait because I thought better deals were coming.  If a buyer was set on buying, I told them to plan on getting the home at 5-10% under current market 'value' (not asking price) to provide a cushion for any potential market decline.  Now I think the potential to work deals this good is going to quickly evaporate as sellers realize that the market is showing signs of coming back.