TALK OF REACHING THE BOTTOM

04.16.09

That's correct. Last week, murmurs of the real estate market actually "hitting the bottom" were "heard" and "felt" throughout news blips, and emailed blurbs, including those on my computer.

While it will happen, these initial "signals" are probably premature, although much "sought" by those of us marketing real estate during a trying time!

There has definitely been an upswing in phone, and looking, activity. Here and there, there are a very few, "quick" deals occurring on some exceptionally well priced properties, mostly newly listed ones. This shows me that buyers are ready and waiting for such offerings. When they "show" they are as good as sold, almost over-night. In one case, a sale went down, above the listed price, due to competition for it.

Don't let the above get you too excited, if you are a seller. The current activity is the exception to the general "rule", right now, and I expect it to continue to be quite slow for some months to come. Telling prospective buyers that they might be missing out if they don't act NOW is met with skepticism by many. They all seem to be "experts" on this topic.

Some people are feeling quite ready to make a purchase move. Those who have had the benefit of months of watching, may indeed have a better "point of view" about a bottom value level than those just coming out to look. Thus, a cause of some recent "contract" activity. As last week"s column noted, stimulus pricing, as I call it, is taking hold and perhaps helping people make the move.

I sure hope so.

©2009 R. Leech features.