Q: Could you please call me when prices hit the very bottom?

My wife and I would like to invest in some property here on Vashon, but we don't want to pay too much.
A: If I could predict when we would hit the bottom of the market, or anything else concerning the economy, I would probably be rich (I'm not) and be working as a six figure financial guru!
We've had recessions several times in the recent past. Americans seem to share a talent for forgetting our past, both short- and long-term, so you may not remember them.
We had a major recession that lasted from 1980 to 1982 and during that time the real estate market in our region was all but dead. The stock market plunged and people lost their retirement savings. The Seattle area was hard hit. We had a shorter recession in 1990 and 1991. Our real estate market was very sluggish because people moving here from California or even other parts of Washington couldn't sell their homes to buy here.
The last one was in 2001. This also affected our real estate market, but it was shorter and our regional economy was more diversified so we weathered it fairly well.
According to most experts I've read, our current crisis will likely be longer and could be deeper. However, Vashon continues to be a "boutique" market. For those with money, and thee are still many of these folks, we offer an exceptional community, beautiful environment, and affordable prices.
Prices have come down this year, but I can't say there are bargains to be had. I doubt if that could ever be true here. But there is certainly good value for your money available. Moreover, we have had a larger than normal inventory of homes to offer this year, which is really unusual. That has happened in past recessions, too.
These recessions are usually followed by robust growth and higher prices, so I'd recommend taking advantage of our downturn now before the market turns upward again. Once that starts, your opportunity will have passed.