We need Positive Price Action to confirm market bottom. One month of price improve isn't sufficient to confirm the market bottom. We need to see appreciation month over month for three months.
PRICE ACTION
Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.
SUMMARY
Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom. This is NOT a good time for conservative buyers to purchase.
High risk tolerant investors and speculators are doing some bottom fishing. Some are trying to time the market and market timing is risky. Trying to time the bottom is not for the inexperienced buyer.
Also it is good to note that those waiting for a market bottom confirmation will miss the bottom. This is because confirming factors are lagging indicators.
Buy and hold is the best buying strategic for owner/occupied and investor purchases.
Data considered accurate... However is NOT Guaranteed. Contact your Mark Watterson your Local Property Resource Specialist for the most up-to-date data
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