I often get asked if I believe the market is going to continue to go down, or when is a good time to buy? In my opinion, we are nearing the bottom. Especially, in the markets that seem to always be fairly stable. Kirkland, Bellevue, Redmond and other east side spots have not had as extreme downward trend as the rest of the county, or state.

Kirkland real estate prices are down only about 3.5% from median price in 2009 to median price in 2008. The county is down approximately 10% or more depending on which statistic you quote. Prices were down from 2007 to 2008 both in Kirkland the rest of the county by a much higher rate. One skewing factor is an increase in short-sales and foreclosures. This tends to bring Kirkland real estate sales and prices down.

Also, the number of Kirkland houses for sale has trended downward. This statistic can tell you that the foreclosure mess is getting cleaned up and those who wanted to sell their Kirkland house have done so.

So, why do I think now is the time to buy a house in Kirkland, Bellevue, or Redmond? Here’s why:

- House values in Kirkland, Bellevue, Redmond are down less from 2008 to 2009 than from 2007 to 2008.
- A good chunk of the foreclosure homes and ARM’s have been cleaned up. (there are still more)
- Interest rates remain relatively low fluctuating around 5.25% to 5.75%
- Federal Tax credit available to ALL home buyers ($8,000 to 1st time home buyers who haven’t owned a home in more than 3 years, $6,000 for home buyers looking for a new residence)
- Great values abound. Sure, the median home prices in Kirkland and surrounding areas is down 3.5%. However, there still are a number of short-sales and distressed properties that you can pick up at a 10% to 20% discount or more. (Call me and I can point you in the right direction.

In a nutshell, if you’ve been waiting on the sidelines trying to time the market to catch the bottom, strap on your helmet and get in the game. There are great values, the interest rates are awesome and you can pick up $6,500 to $8,000 tax credit to boot.