Kitsap Housing inventory dries up; prices spike

Analysts were embarrassed this weekend as many homes were taken off the market, resulting in a buying frenzy as the few remaining homes not in foreclosure saw bidding wars. House prices, which have been declining for nearly two years, have suddenly shot up to near record levels.

Edward Brooke Johnson, media spokesperson for the EKCRA, stated in a phone interview "All of us were taken by surprise by this. Nobody saw it coming. Apparently homeowners decided that the market was not a good one for sellers and decided not to sell. Buyers who have been waiting for further declines were also surprised. Instead of a strong buyers' market, we are now in a very strong sellers' market. Buyers hoping to save money are now hoping to get their home at any price."


I want to make two points here.

Anyone who has not clicked through to read these remarks will be misinformed by this article, just as anyone who does not read more than one media source will be misinformed by for-profit journalism. No, the headline is not true.

But do a gut check: did you experience any chill or nausea as you read the first two paragraphs? Is this the situation you're waiting for?

The bottom line: Pay attention to professionals, not the mass media. Stop thinking you can predict the future market. A scenario like this really can happen. Get the best advice you can and ACT!