Q: We want to buy a home this year but my husband says he wants to wait until the economy really hits bottom.

That way we will get the best deal. In the meantime, we’re paying rent and I think that’s just wasting money. I want that money to go toward a home of our own. What do you think?

A: First, of course, is the simple fact that no one knows when we’ve hit bottom until we aren’t there anymore. Once prices start to stabilize or even start upward, it’s too late. I’ve always believed that the best time to buy is when you want a home.

We all learned, sadly and dramatically, what trying to outsmart the market will get you. If the stock market crash, the banking melt down, and the real estate disaster have taught us anything, it should be that we can’t really predict the future. We can only try to learn from the past.

The real estate market is actually changing for the better at this very moment. The news out at the end of May indicated that pending sales of homes in the US had risen three months in a row and that in April, sales jumped 6.7% the highest leap in eight years. That report, from the National Association of Realtors, also stated that in several states, bidding wars were becoming common on foreclosures as speculators and first time home buyers flood the market to find bargains.

The $8,000 tax credit for first time home buyers has also helped to turn the real estate market around. Many banks are now allowing these funds to be used as part of the down payment and closing costs. According to investment analysts, looking state by state at many economic indicators, the recession will end in Washington state by the fourth quarter of this year.

Even if these predictions don’t come true, it’s a ray of sunshine to those hoping for better days. With our inventory at an all time high and prices reduced dramatically I would say this is a great time to buy.

Q: The flood damage from this awful storm (first week of December) has driven us out of our house.

I just had our gutters cleaned out, but the house still flooded. The house is built on a slab. All the rain water pooled on the slab, came through the walls, and wicked up into the rooms. I didn’t know this, but our insurance won’t pay for flood damage. Now I don’t know what to do.

A: Sadly you are not alone. Thousands of people are out of their homes, and may not be able to return. Vashon didn’t have as much damage as many places in the state, but there are households even here that had damage.

Your house was built in the 50s, on a slab, and very likely did not have any moisture barrier installed (that is required by building codes today.) In addition, there probably was no drainage system dug around the perimeter to draw water away from the foundation. That would also be standard now.

At this point, you need to pull out the waterlogged sheetrock, which will mold quickly. Get a good drainage contractor to install a “French” or perimeter drain around the house, and find out what else they recommend to prevent this from happening next time. After that is done, replace the sheetrock. A new moisture barrier under that wallboard might be a good idea, too. Discuss it with your contractor.

Most people do not have flood insurance, particularly in Western Washington. There are identified flood plains on Vashon. To see if you are in one, look at the flood plain maps at the King County website. Occasionally, if you are not in a flood plain, you can get some flood insurance coverage.

Most of the damage done by the water in this latest storm is not covered by insurance. In some cases, FEMA, or other federal and state agencies, may be able to offer housing assistance for you.