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Another sign the market bottomed out in Q4 06'

By Kaushik Sirkar

Real Estate Agent with Call Realty, Inc.

April 04, 2007 03:48 PM

Another sign the market bottomed out in Q4 06'
by Kaushik Sirkar, Chandler REALTOR®
Chandler AZ Real Estate

Various folks in Arizona have been saying that our local market 'bottomed out' around October/November of last year. Various folks suggested increased activity starting around December and recent local statistics are just starting to indicate that the market is picking up. Locally, despite record inventories, home supplies are starting to slowly go down as more buyers step up.

Looks like something similar may be occurring nationally in this article from money.cnn.com. Apparently pending sales rose in February despite large negatives such as poor weather and the subprime 'fallout'. I'm not going to blatantly go out on a limb and say that the market is officially 'improving'. However, I will agree with a Credit Suisse economist, Jon Basile, and state that the housing market is no longer getting worse. I hope!

Thanks for Reading :)

Kaushik Sirkar, Chandler Realtor®
http://www.homesphx.com

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George Souto

George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT

Your Connecticut Mortgage Expert

Kaushik, things have picked up for me since January, and have continued to improve each month since then. So for me 2007 is already a better year than 2006, and I had a good year in 2006.

Apr 05, 2007 04:45 AM

Kaushik Sirkar

Call Realty, Inc. - Chandler, AZ

Ben - Well best of luck in Kentucky! Hey you guys got a new basketball coach, congrats on that also!

George - I hope your trend continues!

Apr 08, 2007 06:55 PM

keling dun

century 21 - San Jose, CA

Kaushik:

Personally, I think the market is looking up now due to seasonality. Spring is usually the time of the year to see activity. I believe fundamentally, the price has run up so high and so fast for the past 5~7 years that the market need to wait and digest these gains, wait for the inflation to catch up, wait for the sub prime effect to paly it self out ....

Look at this chart below

http://mysite.verizon.net/vodkajim/housingbubble/san_francisco.html

Apr 08, 2007 07:21 PM

Keling - Thanks for sharing - great info about SF!

Apr 10, 2007 11:07 AM

Beth Bastian

Rosemont Financial Inc - Simi Valley, CA

Simi Valley Real Estate

I completely agree with. I think the worst is over!!

Apr 10, 2007 12:53 PM

Beth - I hope you are right and the ship gets 'righted'!

Apr 11, 2007 07:51 PM

Tchaka Owen

Galleria International Realty - Hollywood, FL

Kaushik, as you know it's local so I can't go with a blanket statement. It seems that things may have flattened out in the DC area but I can't be so sure in S.Florida.

The phones started ringing in January which was a good sign but there haven't been as many sales as I expected. It's good to have the activity but that needs to translate in transactions. I do see prices being lowered still so I can't agree that it's bottomed out down here.

- Tchaka

Apr 17, 2007 02:44 PM

Tchaka - Thanks for the insight into your neck of the woods!

Apr 17, 2007 05:33 PM

Another sign the market bottomed out in Q4 06'

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