A "Sea Change" is defined as a profound or notable change. It usually refers to the moment that a major change in a long-standing trend takes place.
I was out with a buyer today, and he told me:
"I've been thinking about buying a property for a couple of years... but you know, the market has been so weird, up and down... and down... and down... and the stock market has been weird... and all the layoffs....
but the prices on some of these homes... they're just so cheap, that I think it makes sense, now, to start buying".
It seems that this particular buyer, has put into words what I'm seeing taking place out there... with an increase in showings, appointments and purchases... There's been a "Sea Change". Buyers are beginning to feel that purchasing a property is a good value, again. That perhaps, (and only perhaps) we've reached close enough to the bottom, that it makes sense to dip their toes in real estate again.
Now, this was only one client who said it out loud. But I'm looking forward to hearing it from more clients. The prices are certainly down... sellers have become far more realistic about what they expect to get on their properties. And homes have begun selling again.