Geoff P. Wood has been CEO of Windermere Services Co. since 2003. Under Wood's leadership, Windermere has moved into markets in seven Western states, including California. He joined Windermere in 1993, managing five offices in Seattle. Prior to joining Windermere, he worked for Timberland Homes. Wood graduated from Whitman College and received an MBA from the University of Washington.

You're in a position to gauge just how strong, or weak, the market is in the region. How do you see conditions?

The total number of transactions is down as compared with our recent unsustainable real estate market. That said, all the conditions necessary for a healthy real estate market exist in our Puget Sound region. The fact that we live in a desirable place and have a local economy that outperforms the national economy bodes well for our market.

Do you see potential homebuyers, likely influenced by media reports, holding out for deep discounts in home prices?

I don't know that homebuyers are holding out for "deep discounts" so much as they are enjoying a buyer's market and taking their time to find the right house.

What are the hot markets in Washington, and which ones are struggling?

With gas prices skyrocketing and congestion in the Puget Sound region, neighborhoods close to job centers remain hot. Home prices are stable in Skagit and King counties. Sales are actually happening everywhere but are best in San Juan, Kittitas and Whatcom counties. Pierce and Mason are a bit softer. Eastern Washington is staying pretty much even, not much of a drop. They tend to rise less in an up market and fall down less in a down market.

Has the softening of the real estate market resulted in a shakeout in the number of real estate agents?

The only "shakeout" is among part-time or marginal agents. Those who have made this a professional career are fine. Economic downturns tend to spin out less effective agents.

Have sales in the condo sector been more robust than in single-family homes? And is there a difference in sales strength between new and existing homes?

Actually there are very few new condominium projects coming online today. The credit crunch has made it very difficult for developers to establish the capital for new projects. Overall we see aggressively priced condominiums selling well. New and resale are a function of supply, demand and price. Whether the home is brand new or older, if priced right, it will sell.

Has Washington's regulatory environment affected the real estate market?

To the extent that housing supply is restricted --

 yes. Increasing demand and restricted supply translates to higher prices. This creates an affordability problem.

How has the subprime mortgage debacle affected the ability of buyers to get financing, and has this affected sales of higher-end properties?

Fortunately, Washington is not a subprime mortgage market, and as a result, foreclosures are low compared with the nation. The mortgage debacle has returned us to more sensible lending practices that say: If you have a job, have debt at the right ratio and you will pay the money back, you can get a loan ? on any price home.

What demographic changes (baby boomer retirements, Gen X, etc.) have had the strongest impact on the real estate market so far?

It's less about demographics and more about life changes. Firsttimers do tend to be younger (as they have always been) and this group has always struggled with matching income, savings and house prices. That issue is as old as time. Beyond that, people starting families move up and often out. Those between 40 and 80 are the largest single demographic group who buy and sell the most, for tons of reasons. So, again, price is the driver. We will be affected by some degree with a new president and attendant changes. Of course, if gas goes to $7 a gallon, everyone will stay home and/or only move next door to their office.