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28 Comments on Have we seen the bottom of the real estate market yet?
Hi Richard,
Real estate like everything else is unpredictable. But yes, we have buyers ask that all the time. We tell them that we won't know we hit bottom until we can see it in the rear view mirror - then it is too late if you are trying to "time" the market and jump in at the "bottom."
Lisa
Richard, We're seeing far more activity than we'd normally expect for this time of year. More buyers looking (but still hesitating to write the contracts), and more sellers talking to us. Two prelist appointments last weekend and another tomorrow night. For us, that's sign that it IS getting better.
Richard, Steve hit it on the head - keep it simple - more and more I listen and watch media reports less and less - they confuse
Richard - We aren't even close to the bottom. Right now their is a little euphoria because of some economic upticks. But unemployment is too high. The consumer doesn't have the buying power it once had. Fuel prices are becoming a hinderence to discretionary spending. The government iisn't generating the right type of stimulus. Shadow foreclosures are on the horizon. In my opinion, it is going to get a lot worse before it gets better in 2014 - 2016.
Hi, Richard,
I think it's best not to try to predict the future with everything continuing to be tumultuous. I would refer them to the latest newspaper and magazine articles that are relevant, but I agree I wouldn't want to be predicting the market right now.
Yep, it hit bottom last week. Sign here please!
I try to answer this question by letting folks know that even if the market hasn't hit bottom, mortgage rates probably have. And, even a 1/4% increase in rates might mean the difference in being able to afford the home they have their eye on or not.
We're seeing fewer foreclosures in Northern Virginia, but Short Sales have taken their place. Not sure which is preferable.
We will only know the bottom. .when we finally are going up and is the bottom no more
Richard,
We didn't know the top when prices were escalating, and we won't know the bottom with any assurance either. Around here, we've been sliding sideways for quite some time. Nither up, nor down.
Rich
I kind of like this market, the way that I like cleaning my house top to bottom or getting into a better workout routine. It's more work now, but the benefits are worth it. The difficulties and challenges are making us all work better, smarter and harder. I think that many clients are getting far better service than the days when an agent would snap "make a decision" after showing ten homes. Clients are making better investments with more care, which soothes my always underlying fear of giving bad advice.
There isn't a day that goes by where I have not been asked the same question at least a half a dozen times. The truth is, we can only guarantee what is available today, at this minute. Rates have been gradually moving higher, so, my advice, if it is the right property and a payment that fits your budget, then jump on it!
Hi Richard; a nawsletter I wrote 2 years was entitled "Looking into the Crystal Ball" Now, 2011, I state what has sold, how long the properties too kt o sell, what the nationwide reoprts are stating and how we have to localize those reports.. In short - it all gos back to what you said - contacting a local buyer's agent. Nice post. Gaye
Richard...and every area of the country has it's own twist in this market.
Hello Richard:
You've gotten lots of action on this post and yet I think there is a variable missing. Confidence is the key ingredient for buyers to shake off their willingness to hunker down and agents telling people its a good time to buy comes across a little phony even if it is with the best of intentions. I do like you practical approach about people needs must be met. I have suggested.
Here in Williamson County we are seeing the inventory decrease to the point that I believe that some areas will actually see a sellers market in new home construction this spring. The builders have just not started anything new as a spec.
Richard:
I would love to have an exact answer to that question. But there doesn't seem to be a general consensus about it. There are too many variables that we can fully anticipate yet.
I agree with Craig that part of the equation is the cost of borrowing money right now. It is at its lowest and is providing some buying power that we have not seen in quite a while.
Right about now, I wish I had a crystal ball. It's anyone's guess but it is absolutely a great time to buy.
Really....if I had the answer to that question, we would not be where we are today....but then again I would of never sold any real estate because I might have told people the prices were inflated...had I had that crystal ball!
It truly is a great time to buy with rates and prices. But the Buyer also has to be comfortable with the other factors around them, such as job security, location, and other things.
Some of the prices out there I have seen...WOW...there truly are some deals to be had. Both as a homeowner AND as an investor.
Richard some good points. I have a good friend who is a top global economist and he is seeing the beginning of a turn around in the housing market in the 4th quarter. He has been right on for the last 10 years I have known him.