Real Estate Blog - When is the Bottom of the Real Estate Market?

Home : Blogs : Gena Riede, Real Estate Broker Sacramento CA Real Estate (916) 417-2699 : Selling Sacramento Real Estate - Gena Riede

When is the Bottom of the Real Estate Market?

Home Buyers, are asking the question...

When is the Best Time to Buy a House?

When is the Best Time to Buy a Condo?

Do you feel like this donkey?

Are you confused and wondering if you will buy a house or condo at the wrong time?

Do you think you will get stuck and pay too much for a home or condo? Do you think the Real Estate market will go down more?

These are just a few of the many questions that Home Buyers today in the Sacramento area are asking and wondering. The big question is, "when is the BOTTOM of the Real Estate market?"

Think of donkey tails. One side is going down Home Prices Down and HomePricesUp one side is going up. No one REALLY knows when the bottom is the REAL bottom until real estate prices change and start going up. That's when everyone will be an expert and say, "the Real Estate Market has changed ... last month was the official bottom of the Real Estate Market."

You can't pin the tail on the Bottom of the Real Estate Market until it has passed!

To read further about home prices and the Real Estate market, please go to Sacramento Real Estate Voice.

Posted by Gena Riede, Real Estate Broker Sacramento CA Real Estate (916) 417-2699 on 10/18/2007 11:10 PM

Comments (16)

real estate, home buyer, first time home buyer, real estate market, sacramento

Originally posted at: Elk Grove CA Real Estate : When is the Bottom of the Real Estate Market?

This post has been included in California Information Sacramento County, CA Information Sacramento, CA Information

16 Comments on When is the Bottom of the Real Estate Market?

OCT

2007

Hi Gena~ Stopped by to say hello, and let you know I'm almost done with you know what. And yes, I am wondering when rock bottom for Sac..? I'm ready for it to be OVER!

Laura, I too am ready but it's far from over. However, for Home Buyers there is a way to simply offer less than the asking price and still get the house that they want while they still can. It's the BEST time ever for home Buyers...it's an exciting time. I just love helping new Home Buyers.

I can't wait to see what you've come up with. Let me know when you are ready.

OCT

2007

Hi Gena, A wonderful and well thought out post. Excellent. I used to say the change in the market usually takes six months before anyone recognises it. I love your analogy.

William, thank you. It seems as though everyone is waiting for the bottom and of course when that does occur they will have missed it. Why not offer a percentage less for a house and get the best of both worlds? I hope more home buyers stop being afraid and get in and get their homes while they can.

Gena,

This a a good time for buyers to get in the market; as you rightly pointed out there are still some good mortgage programs available. However it would be wise for the buyers to seek the assistant of their real estate agent to identify a mortgage broker.

******love the donkey

Gena: Great post! There will be a time in the future when people will look back on today's real estate bloodbath and regret not buying when choices were so plentiful, prices so good, and terms so attractive.

Jennifer, absolutely. A full time Realtor worth their salt knows good quality Lenders to refer Home Buyers to for their loans.

Roberta, thanks. I hope that won't be any of my Home Buyers. I know there are those that always think there's something better around the corner but I seem to work with very intelligent, astute Home Buyers that understand that NOW is the BEST time to buy. I feel sorry for the others that will lose out. Can't say we didn't explain it or let them know...

OCT

2007

So true, and I keep saying, IF you have the credit or finances, NOW IS the time to buy. We may not be at bottom, but it should be pretty close! If you do not have the money or credit, GET IT THEN BUY!

Gena,

That is the mother of all questions today. No one knows when the bottom has been reached, but I like to remind everyone that normally housing stats are six to 12 months behind actuality, so stay alert.

I just posted on another bloggers page this very thing. I have buyers saying "they're waiting for the bottom" but what they don't seem to want to understand is that real estate stats are in the rear view mirror and when you find that it was bottom, its too late and you've missed that bottom. They will lose out, you're right. And as they see the prices go down and down, they keep saying "see told you they'd go down more." But as the banks take these homes back, put them on at super low prices, they will sell... savvy buyers will be out in force and those "waiting" will be so mad they waited!

The interesting psychology to this is that in the HOT times people were "willing" to go against 12 or 17 offers, and pay way over the already inflated list price to get the house. Now they're worried about paying 5k or 10k or even 20k too much? Now when they have no competition? Can ask for what they want? Get credits? Get their rate paid down? and practically name their price? GEEZ LOUISE - what are they waiting for?!?!

OCT

2007

Ronald, the time has never been better for these home buyers. I just wish I had a ton of money, I'd buy everything up real quick. There are some fantastic deals out there and the Home Buyers can right their own ticket.

Esko, correct. By the time the news media discovers that the bottom of the Real Estate market has been reached it will be OLD news.

Catherine, my sentiments exactly. I keep likening it to Christmas or a candy store...this is a Home Buyers moment of opportunity and if they wait until they hear that we reached the bottom it will be OVER. The Sellers are willing and able to negotiate...it's a prime time to buy and name your price. If a buyer thinks prices might go down another say 8% then offer 8% off the asking price. Geez, it isn't rocket science but when it passes by, it will seem like it!!

what's that old saying..."you can take a horse to water, but you can't make them drink."

Great analogy, Gena. So many want to know. It's just like worrying about selling at the peak. Fun way to make an excellent point.

Jeff

Gena,

Great analogy! You are too funny!

I'd give you a "5" but.................

Lucky :)

Gena - I wish all those looking to buy in the next 6-9 months would realize now is the time - great visual - hope they get it - I hate to see THEM miss the best buying opportunity I believe we'll see for some time to come in markets like ours.

Jeff, can't tell you how many times I get inquiries about why the market stats are always so late coming into the following month instead of right away...the same thing will prevail wihen the newspapers hit the stands and the Internet headlines read..."Bottom of Real Estate Bubble was LAST month!" A little late at that point. And the other kicker will be what loans will be by that time. I just know that I will hear all kinds of sob stories so here is the article that every home buyer needs to read now.

Lucky, we all know about 5's don't we? It's the thought that counts.

Cyndee, I couldn't agree more. I wish I had a ton of money...I'd be buying everything in sight. There are some great opportunities and Sellers willing to wheel and deal.

NOV

2007

Those that wait may regret that they did not take the opportunity to buy in this market. Very good post.

This blog does not allow anonymous comments