It's starting to happen. Many have asked me, "When will we hit the bottom?" I always said, "It will happen when the buyers decide that it's time to buy again." That time is now approaching.
The low interest rates of 5% coupled with the lower home prices have resulted in the slowing of the falling home prices. I have been showing property over the last few months and it appears that we are nearing the bottom. Bank Repos have figured this out. They aggressively price the homes below "market" value and are getting multiple offers which results in a sales price that is higher than the list price.
The demand for homes is there. Buyers and investors are getting back into the game. Are we completely done? No. 2009 will still be shakey. The government is still trying to figure out what to do and I think that the less they do, the better. It's better because they tend to slow down the turn-around process, rather than speed things up.
So if you are buying or selling, now is the time. The market is fairly stable, you know what price to put on your home and buyers know what they want to pay and can afford it!
Let's all toast to a successful 2009!
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