State of the Market 2020

Last week I gave brief outlook on the market for 2020 but today I will dive into the "state of the market" at the moment. Right now we have a bit of a tale of two markets if you'll pardon the Charles Dickens reference. In fact it may be a tale of three markets.

Breaking down conditions by relative price points will show that conditions vary wildly depending on price range. Now locations and neighborhood specific variables always play a big role in the real estate market, we tend to have broad market indicators that typically effect most segments similarly. But not so much right now. I will rate the market conditions based on a 20 point scale 0 is dead neutral. 1-10 Seller's market and -1 to -10 Buyer's Market. Take a look below:

Single Family Detached housing

• < $300,000 +5 Seller's Market multiple offers common on well priced properties, overpriced listings linger but ultimately sell.
• $300,000 - $400,000 +3 Seller's Market multiple offers on well priced home under $350k not so much above that. Marketing time @30 days
• $400,000 - $550,000 0 Neutral Conditions are prevailing with neither side seeing an advantage. Even well priced homes may require some marketing time. Typical days on market 30-45
• $550,000 - $700,000 -2 Buyer's Market. Buyers have the upper hand here due largely to an expanded inventory and a fair amount of high end new construction filling the space. Marketing time in this price range for properly priced homes is likely to exceed 60 days.
• $700,000 - $1,000,000 -4 Buyer's Market. Although pricing in the range is holding steady inventory exceeds buyer capacity at this price range. Buyer's have many options. Marketing time in this segment will approach 90 days for properly priced properties, well priced properties will sell faster, of course.
• > $1,000,000 -6 Buyer's Market. This segment is notoriously slow due largely to the limited number of qualified buyers in this upper range of pricing. Again like the last segment, pricing is holding up, but demand is weaker in the lofty price range so marketing time can be quite long.

Often times news media will present broad market conditions and as such this broad market is neutral with neither buyers nor sellers holding the advantage. But looking more closely at individual segments tells another story. So broadly speaking, it is neither the "best of times", nor the "worst of times" pardon again the Dickens reference. But buyers in the bottom pricing segments will still find a competitive environment, mid range is neutral, and high end buyers can kick a few tires before buying.

Generally these conditions are healthy and sustainable. Pricing appreciation should remain in the 2-5% year over year range and that is long term sustainable that allow incomes to keep pace and homeowners to gain needed equity.

2020 is looking good.

Houses taking a little longer to sell

Our local resale home market remains strong but other than the sub median price market conditions are mostly neutral. In Clark County buyers seeking homes priced under $375,000 will find sellers at a slight advantage but as the price pushes north of the median price conditions quickly neutralize.

There are still plenty of buyers but resale homes are now competing with a fairly large inventory of new construction and that means buyers in the $375k plus price range have more options than they have seen in several years. Pricing seems to be holding steady at the moment but marketing times are increasing. A well priced home will sell quickly and that is an indicator that buyers are plentiful. When buyers have lots of choices however, they will be picky and that means the sellers have to be patient and wait for the buyer that falls in love with their house.

Sellers that find themselves in a contingent contract and have to sell cannot afford to try and get top dollar because top dollar will take 90 days or more to fetch unless your house is in that sub median price range that remains hot.

This is a symptom of success, the builders have rushed in to fill the demand and now we have reached a point where inventory levels are higher and in the top half of the market buyers can be a bit choosy. Builders can't afford the build a traditional detached house for much less than $350,000 these days so buyers in the entry level pricing are looking at attached housing or an older resale home. Inventory in that arena is much tighter so pricing favors sellers to some degree.

Overall our local real estate market is pretty darn healthy and that is a good thing!

Winter Inventory a bit thin.

I have several buying clients across a variety of house types and price ranges and things are a bit tight out there. There hasn't been a whole lot of inventory this winter which is a bit normal, but buyers are out there looking and I'm waiting for an early spring listing session.

We have some winter weather however and that may just leave us a bit thin for the next few weeks. Buyer should be ready for some slim picking in the sub $400k range. Above $400 things are bit better but even for that middle range the number of available listings is below what I'd expect, even for mid winter.

Sellers, if you are willing to list in the snow, now could be a great time to get out in front of the spring market by exposing your home to the frustrated but ready to buy crowd currently looking for homes. Spring is right around the corner and early birds may in fact get the worm!

Market Inventory Tightening Again

It seems like some of the market sectors are once again not producing listings. I have several buyers that are seeking homes and there just isn't much to show in the sub median area. I have noticed some condos coming online as well as a fair bit of higher end properties. January and February are typically not big months for new listings, but it feels a bit tight even for the season. I have been estimating a modest growth year for 2019 but if inventory decides to get thin again we could see another perky uptick in values.

 Some good news, the interest rates seem to have settled in a bit. Last year rates came out of the gate rising steady week after week, creeping up nearly a full point over the course of 2018. Now things seem to be a bit back and forth. The economy is still strong but not as robust as a couple years ago so a nicely healthy hum would be great for the next couple years. I'll keep you posted as inventory moves in to the early spring accumulation period.

Market Producing a Surge of Inventory

I have been helping several buyers in the $350-$400k price range which in our market is about 95% to 115% of median price for a detached home. I have seen a massive swelling in the listed units that is outpacing the pending units by a significant amount in this price area. This will lead to a flip in the market that should start favoring buyers as the summer closes.

Under 300k will likely remain RED-HOT for some time to come locally however, as there is no shortage of buyers at the entry level and inventory remains tight. But rising rates has put the squeeze on buyers in the above median price ranges. And sellers seem to be jumping in.

The median price has been dead flat all year long. The chart above shows the county wide median for all single family detached units this year. Many agents and sellers are living in a fantasy where they think prices are still skyrocketing. They are not. This market is healthy, just not out of control like it was from 2014-2017. The sky is not falling here friends, the economy is strong, employment is strong, the housing market remains stable. But it is NOT the red-hot craze that media types following trailing data suggest. Many agents fall into the trap as well. We are headed to a healthy neutral market.

The local market is absolutely prime for a seller sitting on a small house in the sub $300,000 range. They can get top dollar for that house while enjoying some choice and a neutral market in the above median price range such as a house in the $350-$400k range.

This is ideal conditions for sellers under 300k, yet they are not bringing inventory to market that fast. It is showing signs however of slight improvement on inventory. The chart above shows data for detached single family homes from $200k-$300k in Clark County. The sold units by month are in the big red bars. But the real data lies in the line chart above the red bars. This shows listed units and pending units. Look at January where there were substantially MORE pending units than new listings coming to market. Inventory was shrinking, the market was gobbling up new listings faster than they came online. In May things flipped a bit. Now you see a few more listings coming online and less pending units. This can likely be directly correlated with rising rates putting a bit of a damper on the buying pool. But if that chart continues to follow the trend line, inventory will still favor sellers to the end of the year and maybe into 2019. Under $300,000!

If you are a seller with a small house and want to make the move up to the next level, there is a window of opportunity to sell your current house quickly and for a great price, while having a little room to negotiate with the sellers above $350k. We had this same scenario when the market first emerged from the recession and we have it now that things are settling in. A 3 bed 1 bath starter house with 1100 SF in good shape can fetch $280k and that seller can upgrade to a similar quality two story  4 bed 2.5 bath home with 2000 SF for only 10-15% more money! This is GOLDEN!

Now look at this next chart above. This shows the same data from the price range of $350k-$400k. Many agents have not been paying attention! Look at the trend line. Listed units has outpaced pending units all year long and in May a massive spike in inventory began. Sellers trying to get King Midas prices for their homes in this range are seeing little success. Too many agents look at the sales bars which are TRAILING indicators, rather than the listed vs pending data which are LEADING indicators. Trailing data shows what already happened, leading data shows what is likely to happen. For example the pending units in the chart above shows a trend DOWN but sold data is UP. The pending line leads us to the conclusion that the next months closed sales will be either flat or down. If this data line trends out to the end of the year, we will see a complete change from this weak sellers market to a moderately strong BUYER's market in the above median price range. Again above 350k here, and it progressively softens the higher up you go in price range.

Sellers need to understand this. The ship full of overpriced listings sailed away. I showed several overpriced listings that even made my clients shrug their shoulders. They didn't even want to deal with the idiot trying to sell their house at that price. Nobody wants to enter a contract with an unreasonable person. In 2016-17 overpriced listings were fine in this price range because there was no inventory and prices were rising. But this year the market appreciation is flat. If a seller is waiting for the market to come to him, they are going to have to wait quite awhile.

Price the house right and it will sell. That is good advice in almost any market and it is absolutely gospel in this market. Sellers above the median could find themselves chasing the market down if they try to get greedy. Potential sellers sitting on a sub median starter house, you have a window right now! Interest rates will push that window of opportunity closed soon.

Buyer's need to be quick on the draw, and pull the trigger.

Well, a little 'old west' parlance in that headline, really drives home the situation that buyers find themselves in. This is particularly in this tight inventory condition our local market is facing. I feel like the pool of buyers is shrinking, mostly due to rising rates and recent rising prices that have 'priced out' many buyers.

Our inventory levels however have remained tight enough that even the shrinking pool of buyers is enough to tip the scales towards favoring the purchase side of the equation. This is particularly noticeable in the entry level price ranges under the median.

Buyer trying to get into a property listed at less than $325,000 in Clark County, WA are facing an uphill battle with so few listings to choose from. Some buyers are taking too much time deliberating on a potential house, that some other buyer writes an offer and gets accepted while they were chewing on a decision.

Here is the situation that buyers are facing. Prices are still rising. The rate of appreciation has slowed quite a bit. But they are still rising. We may end up with 2018 at 6% appreciation. If that hold a $300,000 house will rise in price roughly $1,500 per month! Meanwhile rates have been ticking up all year long averaging about an 1/8 point per month. That means the $300,000 buyer is losing $4,800 in purchasing power every month! So buyers are getting hit on both sides! Sitting on the fence is literally killing buyers, and many have hopped in and are keeping this tight inventory turning.

Some worry about a market correction. This is always a risk that any buyer takes when prices have been on a steady rise. Economic conditions in general are looking favorable. I haven't read too many analytical reports suggesting a serious bubble exists. Most of the professionals seem to feel like a modest slowdown is on tap over the next few years. I believe that is a healthy condition.

I wrote in my 2010 book, 'Don't Panic' that buyers often put to much emphasis on the "investment" value of the home they are going to live in. The reality is that when we buy a house to live in, we are buying the utility of the house as shelter. Improved real estate is not a good investment unless you maximize its income. So if a buyer wants to live in a property and is worried about its "investment" value, they ought to be renting out every inch of unused space in that house, yet so few do.

If a house suits a buyer's needs, has the proper function, utility, style, layout, condition, quality, neighborhood, etc. They should be less concerned about its pure investment value and more concerned about whether that house will serve them well for its intended use, shelter and a feeling of 'home'.  Now that said, any buyer thinking about a short term proposition has to add a little emphasis on the potential for appreciation as selling the house can be difficult if the buyer has a tight equity position. In any case, unless one is buying the property specifically as an investment, a rental, flipper, etc. they should focus on the utility value of the home as that is what will serve them best in the long run.

One thing is certain, buyers need to pull the trigger, or the market may just leave them behind as permanent renters.

What will March Bring Us?

March may be a pivotal month for local real estate. Inventory has remained fairly tight at all but the very top of the market. All price ranges except the lowest ranges have seen pressure go from hot to warm over the last 6-9 months. With interest rates creeping higher and inventory tight it seems we are in for a period of closer to neutral conditions in the price ranges above 120% of median.

Buyers are not as willing to take property as is as they were last year and sellers are showing a little bit of a willingness to soften prices in that upper half of the market. March can be a launchpad for the spring listing season if the weather is decent. Locally weather does seem to play a role in the listing count. If we have a typical March the question begging for an answer is this: How many new listings will come online, and how will they match up with new buyers?

If we see a large increase in inventory and buyers remain at the same levels I believe we will encounter a flattening in the price appreciation curve. Buyers will start to get rate hiked out of the market putting a little more pressure on sellers that have been enjoying a robust advantage over the last three years.

No one really knows exactly how much inventory will enter the market this spring, but March is a solid indicator of how the spring season will play out as the year rolls on. I am hoping for a bit more inventory than we had last year. Preferably not too much more as rising rates will thin the herd of buyers a little and we don't need prices to fall, just to ease off the throttle a bit. I get the feeling that is what we just might get.

Condos ride the waves

The condo market has ridden the wild roller coaster over the last several years. This is not atypical in a market that follows an extreme adjustment like the one we had back in 2009.

Condos took a serious beat down in the 2009-2011 free fall. Locally there were two major factors. The first was the obvious market crash that the whole nation felt. But more localized was the over abundance of condos that had flooded the area, particularly in Downtown Vancouver.

There were luxury units in Vancouver Center and 500 Broadway that were fetching close to a million dollars in 2007-08 that got wiped out in the foul mood of real estate in 2010-11. Those units saw reductions in sales prices in the 60% range!

Condos were much slower to rebound and those ultra luxury high-rise units have not yet returned to the lofty price typically associated with lofty heights high above the city. But lower priced condos are seeing a surge. As single family detached and attached housing has soared, suddenly the traditional condo with the expensive HOA dues still makes financial sense for people in the entry level price ranges.

The charts provided represent the last 6 months of activity wherein we see the days on market coming way down. Note: you have to ignore average with this as the unit totals are too small and the average is heavily skewed by a couple of short sale or bank owned problem units that sat for years.

Negotiated prices on condos as recently as six months back were well under asking, then they popped up to meet the rest of the market averaging over asking, and now seem to be settling in at or near asking. I think the bump in available inventory cooled the jets a little on condos.

Anyone sitting in a mid-level to upscale condo may have a solid opportunity to sell now at top dollar. Starting next year the new waterfront will begin coming online with new buildings and an urban buzz. Part of that will be a phased in 3300 housing units which will be a mix of condos, apartments, and senior housing. This may tug on the values a bit in the middle to upper end of the condo market elsewhere in the area.

I have my eye closely on the condo market as I am most excited about the waterfront development. They are working on the cable suspended Grant Street Pier right now and several of the mid-rise and high-rise buildings are starting to go up.

All things considered, condos are back and they should start filling in as relief for the entry level buyers and practical for those seeking to down size as they approach retirement.  

Portland Transplants will continue to Drive Local Market

The City of Portland is more of less built out already. In fact a case can be made that Portland has been effectively built out for decades. When a City reaches build out and has no more room to expand, then real estate becomes tight. Portland is surrounded by other cities and protected space so as to have no more room to grow. There is no new land in Portland, only reclaimed land. This makes building in Portland more expensive and thus pushes prices on resale homes ever higher. It is a dilemma faced by many cities in America.

The rising housing prices in our next door neighbor has put pressure on the markets in surrounding areas such as Beaverton, Hillsboro, Gresham, and of course America's Vancouver. These surrounding areas have room to grow and room to build new homes and that keeps the relative price of housing a little lower compared to Portland.

For many years now, Vancouver Washington and Clark County at large has been a primary destination for Portland transplants. We are close to Portland, we have excellent schools, great highways, and a wide variety of housing types from urban high rise condos with stellar views, to Southern California style suburban neighborhoods with 4 beds in a culdesac.

Portlanders continue their exodus into the promised land of Clark County. These buyers flooding our market have pushed the entry level real estate to the brink. They have created a dynamic of puffed up low end houses but the middle market still enjoys some flex in pricing. $275,000 for a dated 1950s rambler but 25k more buys a brand new house the same size. It is an interesting scenario that there is little jump in price from a 1200 SF 3 bed 2 bath and a 5 bed 2.5 bath home in some neighborhoods.

There will always be those who want to live in the "city" regardless of housing costs. They who would live in a one room studio for $2000.00 a month before moving to the 'burbs'. Portland will always be that "city". No matter how big Vancouver USA gets, Portland is the core city for this region. So it (Portland) will continue to produce higher density housing on reclaimed land to keep the real estate market from stagnating and will continue to produce buyers for the adjacent cities like Vancouver, WA. that offer more traditional detached housing at prices that working class people can afford.

I suppose this synergenic relationship can benefit both cities. Portland continues its rise among major US cities as it become more urbanized and cosmopolitan, while Vancouver continues its mixed use approach with a rising downtown "city" core and a continuance of some of the urban sprawl.

Here in the 'Couv' we can enjoy the fact that as tight as inventory is it's not as bad as it is south of the river.

Loan Locked?

Rates are really low again and this recent vote in the UK to leave the EU nick named "Brexit" could keep them down a little longer. Check with your loan officer about rates. Maybe stepping up efforts to find a home sooner rather than later makes sense. Getting a 3.5% 30 year loan will keep you smiling for decades.

Many buyers are frustrated with tight inventory and an inability to find the "perfect house". Perfect only exists in theory, rarely in practice if ever. But having the moon and stars alignment of a 3.5% rate is rare enough that this should prod buyers into getting a house. the fact that prices continue to march ever skyward should also light a fire under the feet of buyers as well.

A house is just concrete, wood, and glass. A home is what we make it. Go out and get a house, then make it your home. Every month when you make that payment at 3.5% you can laugh all the way to the proverbial bank.

All too many buyers miss the opportunity to buy and the window is closing for many buyers whose income isn't climbing as fast as these home prices. There has been a slight improvement in  inventory so now could be a golden moment in the home buying decision process.

For those buyers in the Portland Metro Area, this weekend is shaping up to be a gorgeous two days of 80s. That's good houses hunting weather me thinks.

Spring Inventory is helping, but we need more

Now that May is nearly done, the inventory boost that typically increases supply has begun to show up in the MLS. However it isn't enough to slow down the seller's market. Buyers will need to continue their diligent efforts to find a home and present the winning offer.

The MLS currently shows 1175 active listings in Clark County and we have been selling about 700 a month. That is a six week inventory. It is still very tight.

The interesting thing is that the median sales price has been just shy of $300,000 countywide the last couple of months yet the median priced listing is currently $406,000 countywide. Buyers in the $400k plus market are not going to be quite as challenged as the inventory to buyer ratio is a more healthy balance. Buyers in the median to sub median range will continue to struggle with multiple offers and above asking sales prices.

Buyers need to realize that time is not on their side in these kinds of situations. Sellers also need to be prepared to find a home fast. This can be a hectic time for real estate but it is kind of exhilarating as well. Just keep your chin up and enjoy the ride.

This Market is in Desperate Need of New Listings!

This local market of ours is really screaming for listings. There are buyers lined up around the block and they are all in a bidding war to get a house.

While this is very good for sellers, it can lead to market problems as buyers become so discourage they just leave and go rent something.

Sellers are in the proverbial, 'catbird' seat right now and that golden sales opportunity may only last a short while. The market wants and needs fresh new inventory to help satiate the the thirst of all those buyers.

Many people associate this kind of rapid price increase as healthy for the market. It really isn't healthy, as it is not sustainable. A healthy and robust real estate market is one that grows at 4-6% annually. Double digit growth if allowed to persist for too long leads to uncomfortable negative adjustments.

That's why this market needs an influx of new listings now. Buyers are clamoring for opportunity to get into the real estate market. With inventory tight they are struggling to find homes they can buy. For quite awhile banks were holding on to their inventory to avoid having a flood of inventory crash the market. It's high time those banks start releasing a slow and steady flow of REO back into the market. Just enough to take the edge off the entry level market.

Homeowners that are currently living in a entry to mid level home that has a value less than 110% of the local median are in prime position to make a move up. The pressure on the bottom 60% of the market is intense and the step up market at 110-150% of median is much less competitive, This means a seller can sell their smaller home and get top dollar while having an opportunity to buy that dream upgrade house that does't have the same level of market pressure.

Don't get me wrong, there are buyers bidding strong on $400k homes as well, but I am not seeing the frantic crazy overbidding on the top half of the market like we all are seeing in the bottom half. Selling that $280k house today and stepping up to that $380k house is a pretty smooth deal for those in position to do it. Yet so many are choosing to stay put.

Any homeowners sitting in a 3 bedroom 2 bath 1500 square foot house wondering if it is a good time to sell. The answer is YES!

Low Interest is keeping Upward Pressure on Home Values

The market continues to move along at a healthy pace. Here in the Portland-Vancouver Metro Area values seem to be rising at a pace of 5% to 10% year over year. Local fluctuations and market conditions can vary a bit from neighborhood to neighborhood. Low interest rates will always help drive sales in real estate and robust sales will typically lead to increased price pressure on buyers.

Inventory remains tight and many would be sellers seem to be waiting before they list. Holding out for more money? Waiting for equity position to grow so they can make their move up? Still upside down from the crash? All of the above my friends. Buyers are going to continue to feel the pinch of higher prices so they are well advised to consider whether waiting any longer will benefit them. In general this pace of say 7% price appreciation will almost certainly outpace income growth. Some people might be waiting on a career promotion which could launch them into a much higher income, but for those in a job with a steady rate of growth, buying now will make more sense than waiting.

The median price in Clark County, WA is now pushing up above $260,000 and that could easily make its way to $300,000 over the next few years if this trend continues. Sellers should also consider the benefits to selling now rather than waiting. Whatever home will replace the current home will be more expensive later. Those that are downsizing may wait to gain a larger down payment for the next house. Those that are moving up however will only get further behind the longer they wait. The three bedroom starter home is in seriously high demand right now so the move up seller should get listed now before that larger four bedroom house slips out of financial reach. No one knows what tomorrow will bring but we do know what is happening right now; that is low inventory and lot's of hungry buyers.

Listed, Shown, Sold

That just about sums up the state of our market right now. Houses come on the MLS and agents are just waiting for them. Like sharks to the chum, they attack! Such is the state of housing in Clark County, Washington and in many other markets as well.

Many home owners seem to be guarded about selling right now. If the seller has equity and can sell, this could be the ideal time to list. There are not an overwhelming number of buyers but they do outnumber sellers significantly. This market locally is all about a lack of inventory not so much an abundance of buyers.

Sellers can capitalize on the lack of inventory and get a little more for their home. As more inventory hits the market prices will stabilize a little. There is always that sweet spot in market transitions. This is one of those sweet spots. Tight inventory makes it easy to sell but difficult to buy.

The real heat in the marketplace is generally in the bottom half of pricing. Those sellers looking to move up from the bottom half into the upper half can take advantage of that sweet spot I mentioned. Rapid price increases at the bottom and much more modest increases at the top make for a tidy advantage for a seller to sell now. Also, interest rates remain low and although I have been barking that they could go up significantly for several years, they will go up. When they do, all bets are off for many buyers and sellers.

For a seller that has been waiting to get out from under and upside-down house, now could be the time to grab one of the desperate and frustrated buyers to give them that little bit extra they need to clear the bank and move on to the next house.

It looks like this summer is going to be very interesting indeed.

Market Trending Up on Values

The tight inventory I wrote about last week has translated into a perk for sellers as prices continue to feel upward pressure with more buyers than sellers. Lending is still tight so the buyers are not always the strongest and sellers should be advised to look deeper than price on each offer. As I have said time and again the best offer may not be the highest offer.

All of that said, here is the data for the first quarter of 2015. The Regional Multiple Listing Service says that Clark County Washington has 3.2 months of inventory. That is indeed tight. The median price was $255,000 over the first three months of the year. That is $10,000 higher than the same three months last year. Days on market are getting shorter and shorter as supply continues to shrink against a steady stream of ready buyers. As we move into May we might see a surge in inventory that will slow down the price frenzy.

Lending is tight and that is making it tough on the first time home buyers facing higher prices and onery lenders. The robust activity in 2013 and 14 on the entry level homes has in fact provided a nudge up for the middle market sellers. Top of the line properties are seeing some much needed sales as well.

The fly in the ointment is this tight lending situation. Regulators had a field day after the crash in '09 and that is having a negative impact on the market as buyers find difficult guidelines and tougher mandates to get a loan processed and funded. Although many of the changes to the banking regulatory and lending practices have had positive results, in typical government fashion they have gone over board and may lead to worsening conditions.

Let's hope not. Buyers are well advised to act swiftly when the see a house they like and if it looks like a sharp price, it probably is. Don't try to haggle the seller down, he probably has three offers to look at. There are still some sellers that have overpriced listings and these sellers will find the market to be cruel. Buyers will bid up good values but they won't bit on that hydrogen filled, puffed up price that some sellers think they can float into the market.

Things are good out there folks, but things are tight also. You may want to get while the getting is good, as they say.

Resales suffer a little hit from new construction boom

The resale market for homes is still appreciating but the rapid rise of 2013 has slowed to a modest rise thus far in 2014. I believe that the sudden expansion of new construction all over the area has had a strong impact on resale listings.

That said the combined two year growth rate is at 18% and that spells good news for formally upside down homeowners looking to move.

The modest rate of growth will help homeowners but may start stinging that entry level buyer. Buyers earning less than $30,000 a year are starting to find it difficult to get into a single family detached house.

I have been blowing the warning siren for a couple of years now and it seems the the reality has caught up with the alarm.

First time home buyers sitting on the fence need to call their favorite Realtor and jump in now.

The news media may indicate a "slow down" but it is a slow down in the rate of growth, not a decline in values. Prices continue the march upward and this mean purchasing power is shrinking.

Happy hunting :)