We realtors are often asked when will the market hit the bottom. I tell people that it something you will only see in the rear view mirror! Every state is different as is every town and small community within any town. Real estate is local! Besides, the 'bottom' won't be a flat-line.
There will be considerable bouncing due to a myriad of factors. These include such broad issues as the economy, both national and local as well as employment. The rise in foreclosures and short sales puts more stress on market conditions and will greatly influence recovery. Until these homes/condos are sold, it will be a weak recovery. In some areas this will take years!
The are many indicators that can help:
- It is important to follow current home sales and prices in your own area. Generalizations from different areas in different parts of the country have little influence on your own neighborhood.
- Connect with your realtor, Jane Davies! :), to be sent listings and, more importantly, sales in your area of interest. Don't depend on hearsay and gossip.
- Get the facts! Ask to be sent articles pertaining to issues of interest to you; i.e, lenders and their information concerning rates. ... Did you hear interest rates were at 4.5% this week? WOW!
There is much you can do to stay abreast of real estate market conditions that are pertinent to your personal situation.
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