If you are waiting for the bottom, YOU MISSED IT! - Real estate is as local as the temperature. When the general public sees reports about the overall industry they need to consult with an experienced agent in their local market just as they would watch the local weather to see what is really happening in their area. If the average temperature in the country is 58 degrees, you had better believe the temperature at your house is completely different.
I typically work with more buyers than sellers and many over the past year have been sitting on the fence trying to time the market. Locally, and I mean very locally, the south metro Denver market prices have started to appreciate again and this has been going on for the past 4-5 months in the under $250K price range. The really nice homes in this market are getting multiple offers and many times more than asking price. As much as I try to educate my buyers on this upward trend it takes some of them writing a couple offers and losing out before it actually sinks in.
The "temperature" is hot for sellers of homes in good condition under $250K, but the temperature is "mild" in the $250-400K range, "lukewarm" in the $400-750K range, downright "cool" in the $750-1M price points, so you can see that even though the market is local, it is also distinct to price ranges.
The "Perfect Storm" is actually available right now. What is a "Perfect Storm" in real estate, for this post a "Perfect Storm" represents a Sellers market for a seller and also a buyers market for a buyer! John! How can this be??? Well Mr. and Mrs. Seller/Buyer, if you have a home that is valued under $250K and in great condition in a good location you should feel that a good agent can get you a very strong offer fairly quickly, at the same time if you are also in a position to buy in the market you should be able to get a considerable discount on the next home you buy.
Once again this is all very local and can fluctuate from neighborhood to neighborhood. So talk with a knowledgeable agent that not only knows your market locally, but the market you desire. Just yesterday I spoke with a long time agent who said she was helped a client sell their home in the $250K range at just under full price and they were able to buy a home that was listed at $550K for just under $450K and with the current rates at all time lows they also got an incredibly affordable monthly payment