Bottom of Market
March 27, 2008

I have been telling people (who ask) about where the market is and when will we hit bottom. Well we have hit bottom (actually about 1 or 2 months ago). Of course, you are asking " how do you know this?" There are SIX items which 'tell me' we have hit bottom:

1st sign - I have not seen the prices drop any more for the past 4 months or so.

2nd sign - A few of my customers (like you) who get the automatic emails have made the comment about ' oh I see your prices are going up'

3rd sign - My broker heard a newscast with the pro-ported expert say we have hit bottom and it will stay this way for about 4 - 6 months. Translated this means until the inventory is gone. It could take that long or even longer depending on activity.

4th sign - it has been over a year whereby activity has been dead or almost dead. The last month and 1/2 we have seen a major increase in the number of customers now wanting to look and to buy.

5th Sign - The interest rates are DOWN again and even lower than before.

6th sign - I am getting more and more appointments of others coming out to look at properties

Speaking of activity...

We have been getting more and more activity. The market is picking up. Not only am I seeing more and more activity, almost all my other Realtor® friends and other Realtors® are getting more and more business, more are going into escrow.

So what does this mean for you, possibly sitting on the fence? It is time to buy!

Bite the bullet and buy. If it is intended as a second home, then a good start might be you renting it out for a few months out of the year. If you were planning on moving here in a few years, rent it out!

The only drop in prices (I see happening) will be the bank owned properties who want it off their books AND ' Joe Homeowner' who have owned it for many years and has gotten the good appreciation and is able to drop it enough to look attractive to you the buyer.

Remember that whatever  you might want from what we see, the sellers are looking hard at ALL offers.

So please get your loan in place now, so it will be ready for you when we begin once again touring homes for your consideration.