There is no question about it. The numbers are too strong to deny it. Agents are reporting increased activity to me from California to Florida. The foreclosures in the markets most burdened with them are being bought at a steady pace. The best news is that they are being bought by first time Buyers. The sign of emerging health in the market is when the first time Buyers come out strongly. It means the first time Buyers who have been sitting on the sidelines believe we have hit bottom. Their emergence then creates the bottom. Here's what I mean. The first time Buyers are perceiving the prices, interest rates and therefore the opportunity is so good they are competing for the foreclosed homes. The multiple offers occurring then creates the demand that begins to turn the market prices back up. I am not suggesting this will happen quickly. But all the data says it is happening. The other markets, less affected by the foreclosure trend, which is actually the majority of the markets around the country are feeling a bit of a slowdown with the hard hit stock market and oil prices. That should correct itself as the spring market opens particularly with the $8,000 tax credit for first time buyers. Of course this is all my own opinion. Those who follow my work know that my opinion has been pretty dependable for over a decade. So get out there and get your share of this emerging new market.
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