Are we at the bottom? How big is the bottom? Today's real estate market could be likened to reminiscing about your 3d grade bus driver in that no one knows how "big" (his or her) bottom was. However, whereas you don't care to know the anatomy of your 3d grade bus driver, you are hoping to foresee and understand the "anatomy" of this unprecedented market low as it relates to buying a home or helping someone buy a home.
There are indications that the market is reaching it's bottom. This means that home prices may not get any lower. When you consider that interest rates are at a 50 year low, now is unquestionably and unmistakably the time to "get off the fence". Foreclosure pricing has also affected the pricing of homes overall. Now we're seeing non bank owned (regular folks) pricing their homes more competitively and this is causing them to sell (their homes) in higher numbers than for example 6 months ago when they may have "hoped foreclosure home inventories would be decreasing". Although the number of foreclosure homes is not decreasing yet, we are seeing the stabilization of pricing which alludes to a possible bottoming of the market.
The "bottom" line is get your "butt" in gear or you may be kicking yourself in the "rear".
See video below for similar sentiments nationally:
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