Have We Reached Market Bottom ?

In today's new real estate market the time for hesitation is past. Now is the time for action. To take advantage of the new market, the reality is clear—don't wait:

• If you are ready to move to a home where you would rather live;
• If you plan to live there or own it for several years; now is the right time to move or buy a first home, second home or rental.

Waiting rarely pays off for many reasons. We'll share with you what we've learned from experience.

Recent Sales

Homes are selling in your area. Yes, there is more inventory. Yes, time on market is longer. Yes, loan requirements are tighter. Yes, there are more stressed sales, bank-owned foreclosures and rental bargains that pull average prices lower. But look beyond national headlines. Our local housing market is not a “bust,” “collapse,” “meltdown,” or “crash” of zero sales. In reality, good properties—high-end, middle-market, even low-end—are selling.  

New Buyers

Demand is increasing because today's market has attracted “new buyers,” such as pent-up “should-have-moved” locals who put off moving in recent years; boomers with equity looking for second homes; international buyers who see properties priced to sell and enjoy favourable exchange rates; first-timers with parent and grandparent support; resized new construction that's smaller, lower-priced; long-term investors with a goal to “buy low, sell high” years from now. These buyers are buying NOW.
 
Bottoms Up?

No one can pinpoint the “bottom of the market”—except historians with hindsight. Why? Housing markets don't “bottom.” Instead, after a period of price declines, leading indicators gradually correct: Transaction volumes increase, days on market decline, prices become steady, inventory sells off, the range between list price and sales price shrinks.  Indicators reflect the rebound as the housing market adjusts—but the best properties are already gone.

Simply put, the smart buyers are buying NOW.

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