Have We Hit Bottom Yet?

People have been asking me this question and I have been asking this question in turn quite a bit lately. I don't know about you, but I would like to see that $30,000 not depreciate one cent more.

All the projections are different depending upon who is talking. Some say we have hit bottom and some say we have a ways to go yet.

I don't know how much of an effect this will have on appraisals, but owner occupant buyers are often paying a little more than asking price in order to get in on HUD/FHA $100 down program. Of course this changes the $100 down to $100 down plus whatever amount they went over the as-is or FHA appraisal.

My non HUD buyers are still wanting to offer much lower than the asking price, but what I am seeing is that sellers are often pricing the houses in line with the market, so that they are already a really good deal. This is making buyers a little more reluctant to offer much less than the asking price.

What is happening in your market? Are your listings selling closer to asking price than they have been in the past year? Are your buyers making offers any closer to the seller's asking price than in the past year?

Once we do figure out that the market has hit bottom, it will be on its way up. That will be a relief.