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Have We Bottomed Out?

By
Real Estate Broker/Owner with All Star Realty Group, Inc.

What? Does this guy have an inside crystal ball? When web hosts give feed back to me that we are experiencing greater traffic this past month than a year ago, and I see increased showings on our listings, I start to wonder. Convincingly, I have heard, and been involved in a few multiple bids on homes for sale! Unbelievable, yet true, while I was showing properties in an area of many higher priced homes, those bargains were being shown in caravan style and sold in under 30 days. Foreclosures are sought after if you can wait it out. they are risky "as is" propositions, yet many will yield high turnaround $ to the handy 1st time buyer. Even upper end homes are being sold, a demand was not there until prices dropped so significantly, that make the trading up buyer forget the loss of their existing home sales. Seeing the daily swing first hand has me convinced we have hit bottom...let's get back to work!

 

Joetta Fort
The DiGiorgio Group - Arvada, CO
Independent Broker, Homes Denver to Boulder

There's so many signs of an impending turnaround here, too. Not only are we seeing inventory drop and multiple offers on some homes, but the commercial and rental markets are doing extremely well also, which I've always heard are precursors to an improving residential market.

I have two rentals and a couple of years ago if one became vacant I prepared myself to make a couple payments without benefit of rental income. But a couple of months ago they both became vacant and they were both rented in days. I even had people ask for applications to be emailed to them without seeing the house first so they could be first in line!

May 29, 2008 08:58 AM