It's difficult to predict bottom of any market. If you buy at this time, you may be able to buy at the price near to the lowest.

When somebody has there mind made up to buy then they will buy.

The stock market can't be timed and neither can the real estate market.  So, here is to a great prosperous years for all!

Kanu,

OK I understood the first sentence, not the last...We're selling what the people owe and doing short sales...how much further can you go...the bank will only accept so much. I'm not sure what you meant by the second sentence.

Aren't you in the beginning of your winter "snowbird season"?  We're not. 

For the first 8 days of December, we have had 43 closings in my county. 

For the first 8 days of Novembr, we had 43 closings.

However, for the first 8 days of December 2006, there were 89 closings. 

For the first 8 days of December 2005, there were 136 closings.

For the first 8 days of December 2004, there were 158 closings.

Where is your information of 1 in 16 people buying in 2008?  It sounds promising and positive, and I definetly need that right now.

Lenn,

Yes we are and it's going well for me so far..."knock on wood"...

I understand the regional thing...

But with all the agent's who left the market. When I am out and about marketing...the customers want to know what happened to them all. I just tell them not to worry, I will help them...and move on...

Heather, That was the statistics posted in our Florida Realtor magazine.

Timing the bottom of the market is near impossible. I am waiting for November's numbers. I think we might be at the bottom and that will confirm it for me.

Simon,

I agree with you totally, I am waiting for those numbers as well. It's picking up here. How is you area doing?

When you start to see the investors start negotiating, you know we are close, there, or past the bottom.  This is because the investor-buyer is the Pro!  Their livelyhoods depend on great investments number one. And number two?  Investors have always lead buying at, or close to, or just past the bottom.  The public generally never knows when the bottom is.  Do we?  The investor buyer will lead the way.  They always have.

Take the stock market.  It is proven over and over again that the long term investor wins every time on Capital Gaining Value" than the timer and the trader.  It is no different in Real Estate.  Other than periods that we are in and beginning to end now,  it  is always a good time to buy real estate if you are in need of a home to live in.  Every month you pay rent, you are throwing your money down the drain into some elses mortgage paying it for them!  Pay for your own.  The leverage you receive on  your invested down payment far supercedes a point or two in rate or fees paid over the long hall.  The long hall meaning living in the property five to ten years or more!

Your friend that is going to wait might risk being past the bottom and buying on the rise in value! Let her know that is not a bad thing.  But just like gasoline prices near the summer going up every year and mysteriously falling in late summer,  rates will rise in the spring because housing demand rises for purchase money in spring time.  And this spring is a special spring, a presidential one at that!

The spring that signifies a "Presidential Election Year."  Read your history on what happens to housing prises, rates and the like in the first half of Presidential election years!  Then you will know what to tell her!  Negotiate with strength, and......
Buyn ow for value!

Steve Snyder
C M G Mortgage Services
Walnut Creek, CA

one thing I learned about Real Estate- It is the only business that will NEVER go out of Business, people, by for the first time, they buy up, they buy down, they relocate.

as long as the home is priced correctly- it will sell!

just my opinion

Merry Christmas to everyone

Steve,

I so agree with you. I have a buyer/seller who is listening to the wrong people.  I found him a great property that suit's his needs, his fiance loves it...and he want's to wait...OK, he likes an $780,000 home where the comps are all over $1.2 million. That home is gorgeous and the people just need to get out...mortgage broker/RE agent...in trouble...I told him. If he waits, he's not going to get what he needs which is a non-HOA, with land...where he can build a garage...will he listen, who knows?  He cannot afford $1.2 million, so take it now, or listen to the media!

Pattie,

You are so right...it will NEVER go out of Business...thanks for posting.