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!
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Good to see things picking up in your area, Cindy. We are experiencing an increase in showings, now to just get the buyers off the fence. Congrats on the contract!!
Hi Cindy....you're so right..I get asked that, even by those who are not buyers....but I am seeing multiple contracts on homes....in fact in the last couple of weeks, 3 different homes I wrote on, had a few offers already....let's cross our fingers.....take care....
I've seen it too. I've been spending a lot of time in Prince William County over the last couple of weeks. There's a lot to choose from, but we found some good homes that are being passed over because of the "foreclosure" noise. Either way, buyers are in the market place.
Cindy, your graphic is terrific. So is this post. And see you Thursday!
Lisa-hope you can get your buyers to start moving as they are here.
Konnie-congratulations on also having buyers realizing that there are deals all around the area. Hope you get a few ratified contracts out of the process too!
Craig-glad you are also finding some of the secret neighborhoods too. You know where they are as soon as you realize that the other agents are in them too.
Patricia-thanks! I'm working my route to your house.
Problem is that we won't know we are at the bottom for sure until several months later.
Marlene-this is true. Most of the buyers I am working with now are looking for a real home to live in so the bottom could be irrelevant. Long term gains are where home buyers should be focused now.
Cindy, Boy! I couldn't get by that picture. Looks an awful lot like the Springfield Interchange Mixing Bowl!
Brian-You are right. But the mixing bowl has a bad rap. I mean it should be on the list of tourist attractions for anyone coming to the area.
We're noticing a lot of multiple offer situations, too. Other signs of reaching the bottom here - lower inventory, low rental vacancies. Still a lot of foreclosures in some spots though, so I don't make my clients any promises, just caution.