Have we hit the market bottom? Maybe not, but we're getting close. Once everyone thinks we have hit the bottom, then buyers will really begin pouring into the market. Now is your chance to buy when the market is near the lows. Nobody can time the exact bottom. Yeah, mortgage rates aren't the best right now. Plus it's quite difficult to even get approved for a loan. But if you can...then jump at the opportunity to scoop up low-price REO / Bank Owned properties. That's where the bargain are right now. I am convinced of this. So convinced, that I just purchased an REO property in the East Bay (in fact, it closes today 8/8/8...that's got to be a good omen, eh?). So what are you waiting for? Waiting for EVERYONE to start buying again? Look at the stock market; it's in a super-state of flux right now. Do you think the big boys on Wall Street are going to wait until it's completely rebounded before investing? Heck no. They buy when it's close to the bottom so as to maximize gain. They always seem to know what's going on before the rest of us do. With these wild 200+ point swings up and down every other day, I think they're shaking out all the nervous investors and accumulating for themselves. That's my 3 cents. I could be wrong, but I think I'm on the right track.
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Competitive Insurance of Dundee - Dundee, FL
Probably not just yet, but we have to be getting close and some areas of the country may have made the turn.
Aug 12, 2008 03:46 AM
North East, MD
Cecil & Harford County Realtor
Michael,
I think you are on the right track, but the wrong train. I predicted here http://activerain.com/blogsview/596000/I-Know-Exactly-When that the exact bottom of the market would be Feb 20, 2009 :). But seriously, you are right....no one knows when the exact bottom will be reached. I also am encouraging my clients to BUY NOW. One thing is for sure....when the market starts heading back up, we will know where the bottom was.
Have a great day
Leander
Aug 12, 2008 03:48 AM
South Beaches Real Estate Professionals - Saint Petersburg, FL
Realtor - Broker - St. Pete Beach, Treasure Island
How do you define the "bottom"
lowest prices or lowest # of resales? It is two different things.
Anne
Aug 12, 2008 04:13 AM
California Pacific Brokers - Fremont, CA
i'll go ahead and define 'bottom' as lowest sales prices. Yup, they are two different things, but closely related.
Mike
Aug 12, 2008 04:34 AM
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!
I think you're on the right track, too! This is a time of opportunity, not just negativity.
Aug 12, 2008 04:42 AM
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