Why is this a great time to buy?
Not only a great time to buy but a HISTORIC time to buy a home for three reasons:
Interest rates are very low. We are starting to see them creep up, but now is the time get a loan locked in. If you wait and interest rates go from 5% to 6% and your loan is 200,000, you will pay $92,506 more for your loan over 30 years !!!!
We've probably seen the worst of the depreciation in Kitsap County. We have a steady, Navy based, economy. Yes we are going to see budget cuts but the Navy budget should be much less affected than other government spending.
While there will be a steady supply of bank owned properties coming on the market for the next year or two in Kitsap, they work for you now, holding prices down of non-distressed, resale homes. You can often buy these bargains since some people just have to move, can't wait, and must accept the market for what it is. You can also find the right REO (bank owned) home or investment which usually will require a bit more elbow greese to repair and improve.