Here are several articles explaining the 2008 sales data, how we may be at the bottom the market's down cycle and why prices may increase soon. As I've said in many of my earlier blogs, multiple offers are being received on almost every listed property priced below $500k with some listing agents seeing 10 or more offers. Buying activity from my clients has surged. Homes for sale (especially foreclosures priced under market value) are selling above list price. Many buyers are taking advantage of extremely low interest rates and pricing which have made owning a home even more affordable. These factors coupled with the after tax benefits of being able to deduct mortgage interest and property tax, monthly payments on a home are close to and in many cases equivalent to renting a home.
Click the following links to view articles supporting the opinion that we may be at the bottom:
LA Ranks #7 on Forbes List on World's Best Places For Real Estate Buys
http://www.forbes.com/2009/01/21/investment-obama-realestate-forbeslife-cx_mw_0121realestate.html
Southland Home Sales off Bottom
http://www.dqnews.com/News/California/Southern-CA/RRSCA090119.aspx
San Fernando Valley Home Sales Increase 13% in 2008
http://www.srar.com/members/rronline/2-2-SFVsales.php
Affordability More Than Doubles
http://www.srar.com/members/rronline/1-19-Affordability.php
What do you think? Do you think the market is hitting the bottom soon? I'd love to hear your feedback
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