Buyers of real estate today seem to be looking for value. A very loose term and one that has different meaning to different people. Are we nearing a point where construction costs are less that what sellers of resale homes have to sell for? Of course the unknown factor is land cost. When looking at land sales of waterfront or large parcels it seems they are holding more firmly to the asking price than those homesites where there are many, many to choose from.
Value in the end is "in the eye of the beholder". Buyers have a chance to purchase at prices that were available 3 to 4 years ago. It is not very often you can buy a car at 4 years ago pricing. I remember my first new car was just a little over $4000 in 1975! That might barely put tires on some of the new cars with low profile Z rated tires.
Be careful buyers about trying to time the bottom, sellers couldn't do it with the peak of the market and few will do it with the bottom. The bottom is not merely a one day event but a period of time. Find a good deal and buy it. They are out there now!
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