Remember the days of calling from the backseat of the car, "are we there yet?" Our parents usually gave us the "soon" or "in a little while" response to try and keep us happy for another 50 miles or so.
The question now coming from the buyers as we drive around looking at houses is "has the market reached the bottom yet?" Fear of making the wrong decision in a declining market is understandable but trying to figure out the definition of the bottom is tough.
In the past week I have made offers for three buyers on three properties. One was a seller owned property, one was a short-sale and one was a foreclosure. All three properties had multiple offers! Other agents I talk to are encountering the same situation and one has 12 offers on a foreclosure listing.
Does this mean we have reached the bottom? I'm not sure but it does mean that buyers are spotting the good listings and making offers. It also means that buyers who have been driving in circles for awhile have finally gotten into the buying mood. As an agent I can't say for sure that we "are there yet" but certainly the current signs are starting to show that perhaps "soon" is coming in some areas.
The good news is at least one of my buyers has reached their destination. A ratified contract!
Real People*Real Lives*Real Estate
Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations.
Licensed in the Commonwealth of Virginia