BOTTOM OF THE MARKET REACHED IN FEBRUARY
Well we can now tell you that the bottom of the market was reached in the first week in February. Don't wait for the experts who track average prices to give you the news. Last year the house market was done by the end of February - condos by the summer. yet the average price year over year kept rising. This year the average price is still lower than the same month last year. If you get past the averages and track prices of specific properties, you will find that today's prices are rising but they are still lower than the peak of 2008. They have come off the bottom.
But don't ask me, ask today's buyers. Over the past week, we have agents who have been in multiple offer situations on just about every deal - one agent had seven multiple offer deals and another six! Buyers are paying over list price on properties priced for 2009. They are paying less than the peak of 2008. And we have not even hit the May Market!!
I would like to hear from buyers who have bought in January and February versus those who have bought within the last ten days. I will bet there will be two different stories to tell.