Is now the right time to buy in Washington State?

Are you waiting for the real estate market in the Seattle area to hit rock bottom? If so, that's a risky gamble to take. If we haven't already hit the bottom, how will you know when it's here? Will it be when you see the prices rising? Then it may just be too late.

You can read all of the market forecasting you want but do you want to gamble your money on the opinion of someone living on the east coast? Real estate is local and your area market and economy is all that matters to your real estate planning. If prices haven't hit their low mark yet, we're getting close.

There is currently more inventory to choose from than this time last year. Take advantage of the wide variety of choices in your price range and location. Don't wait until your possibilities are limited by lower inventory levels. If home owners are selling now, they may have to, which makes them more willing to negotiate, though within reason, considering our still healthy real estate market. Take advantage of their need to sell. If you wait for the bottom of the market you won't be alone. Pricing is all about supply and demand. If you hold out for that dream price you might find there are fewer homes to choose from and the prices are climbing due to the change in inventory. How much difference is that $10,000 you're holding out for really going to make on your monthly payment? If interest rates go up, demand rises and homes are still appreciating that $10k may be gone by the time you pull the trigger.

Here are a few good reasons to buy now & the only reasons to wait.

1. Buy now if the neighborhood you prefer is still appreciating, or already increasing in price.

2. If you are planning to hold your new home for at least five years you'll miss the full affect of the market downturn and build equity before selling.

3. Rents are rising in your area and you would rather pay yourself than a landlord.

4. You've found the perfect home, and it's not worth waiting.

1. Wait to buy if you need to improve your credit score, but then really work to clean it up, otherwise you're throwing money away.

2. If you haven't been in your home long enough to justify the cost of selling.

3. If you are expecting a layoff at your job you should wait.

4. Wait to buy if you can't afford a mortgage payment that is more than the rent you're paying even after all tax advantages are calculated.

In the end it's always good to make that purchase sooner than later. You begin building equity and adding to your retirement and investment portfolio, as soon as you purchase that home. You can't do that if you're renting. Homes are selling so don't let the media scare you away from making that move. You just have to be smart about preparing your home correctly and pricing it realistically. A good realtor can help with both of those processes and many more.