The Craigslist Housing Forum has settled down considerably since last year, and the prevailing sentiment seems to have shifted from “mercilessly mock anyone who thinks housing is overpriced” to “well dang, looks like the market is headed down after all.”
However, despite the increasingly obvious indicators that our local market will not be spared the turmoil seen in the rest of the country, there are still a few stubborn hold outs. Posts like this one from local Realtor Patrick Beringer (a.k.a. “SeattleHomes”) really brighten my day.
At this time I see buyers sitting back, waiting for wholesale price drops. This will only go on so long before they realize that the bottom of the market has been reached. But they will not know this until they watch prices start going back up, for the most stubborn of buyers it will take about 3 months of steady increases for them to realize that the bottom of the market has passed. Prices will start inching upward probably no later than the return of sunny weather early next year. After a few months of this, buyers will get the hint and return.
Keep hope alive, Patrick. Keep hope alive.
Update: Mr. Beringer responds! Check out his comments here and here.