Slow Market

It's quite difficult to have listings these days because inventory is growing and buyer traffic is quite sparse. Last few open houses have been very quiet with only one to three families coming through. Showings by agents are few if any. It's challenging to keep spirits up for the sellers as well as us agents ourselves.

With more financial headlines showing continued signs of the backlash of the mortgage meltdown, it doesn't look like there'll be a turnaround soon. While I'm still very optimistic for the longterm real estate market in Washington, we're going to need alot of patience and perserverence to weather this tough market.

The bad news for sellers is great news for buyers. Interest rates are still low and there's alot of inventory to choose from. There are also many motivated sellers that are making concessions and offering incentives. Basically, a great time for bargain hunting.

I'm waiting to see the October numbers when it is released by the Northwest Multiple, but it will only confirm what I already know - Rise in inventory and drop in pending sales.