Have We Hit Bottom?

By
Real Estate Agent with RE/MAX Estates Properties 00598848

 rpvview0109res.jpg

Conventional wisdom tells us that we do not know if we have hit bottom until we are on the way up.  Trying to "time" the bottom is a matter of luck.  For buyers of Palos Verdes real estate I encourage them to consider the following:

 1) Interest Rates are at historic lows.  4.75% for conforming 30-year fixed and 6.625% for jumbo 30-year fixed rate loans.

2) Many buyers are sitting on the sidelines waiting and watching.  Buyers entering the market now have less competition and are able to negotiate better with sellers.  Click here to read more.....

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Location:
California Los Angeles County Palos Verdes Peninsula Palos Verdes Peninsula
Tags:
mortgages
real estate trends
buyer advice

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Rainmaker
167,113
Sonja Babic
Sonja Babic/PRIME Realty NC, LLC - New Bern, NC
New Bern NC, PRIME Realty NC, LLC

Yes we have!!!  And the best indicator is the maximal buying power that will never be better.

Jan 12, 2009 07:26 AM #1
Rainer
51,183
Christopher Bonta
The Bean Group - Londonderry, NH
Realtor, Integrity and Honesty

Elaine, very nice picture and nice post (short and to the point) it definitely is a call to action post! As for whether we have hit bottom, I think we have over the last few months and will continue to be at the bottom for a few more and then it will start to move upwards again.

Jan 12, 2009 07:34 AM #2
Rainmaker
230,379
Dee Mayers
Covina, CA
San Gabriel Valley, CA

Have we hit bottom yet? According to Whitney Tilson, an investment fund manager, "things are gonna to be much worse than anyone anticipates".  He indicated that the Alt-A and option ARM loans due to reset in about 3 years will cause foreclosures to continue.

Then there is the assumption that because million dollar homes that once sell even before the listing hit the air ways are now on the market for weeks on end without a sale, is proof that we have hit bottom.   So it depends on who you listen or talk too or what area you work in.

Jan 12, 2009 08:11 AM #3
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Rainmaker
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Elaine Murphy Carlson

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