The local Real Estate market has not been affected as much as the rest of the country. The gross sales volume is substantially down from 2007 however we have not seen the (OVERALL) prices drop like one might expect. However some sellers have become very motivated and if you pay attention and are ready to move quickly when the opportunity presents itself you may be able to find a bargain.
If you take a look at the recent sales most are selling within 4-6 months and the list to sell ratio is still very high. The homes that have been on the market for a very long time either never sell because they are overpriced or they sell for way below list because the sellers figure they need to make it work once they finally get an offer. The moral of the story is: if it hasn't been on the market very long but you can recognize a good deal you need to be ready to buy and not worry about what they are asking or how much they come down and focus on whether or not it is a good deal. Because properly priced homes still sell pretty fast for good money. Otherwise find stale listings that have been on the market for a long time present lower offers that are very strong (cash, little to no contingencies, fast closing etc.) I believe we are at the pivotal point where the economy will get a little worse and our local values will drop slightly in the coming weeks or the economy will get a little better and this will be known as the bottom. That is just my opinion and I know everyone has one.
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