September 22nd, 2009 3:53 PM by Neal Spurlock
You may be wondering....has the real estate market hit bottom?? If it hasn't how much longer should I wait...how will I know??
As a real estate professional, I work with the market on a daily if not moment by moment basis. I watched as the prices continue to sky rocket, remarking often this trend can not continue. The wages people were earning were not being raised to allow them to afford, "the american dream."
The bottom did fall, and when it came crashing down...many have been affected financially and emotionally. Short sales and foreclosures still are abounding, and some banks are renegotiating loans. The bright spot if there is one, there are deals out there to be had. If you do have money to spend the bargains are real. True, you may have to do a bit of work on your new home but the value gained is worth the sweat!
As for the bottom, I believe it has been reached. My reasons, for the first time in a long while, houses are being purchased for more that the asking price, and if a house is priced low, bidding wars are common.
The President has authorized a first time home buyers credit of up to $8000. The house must be bought and closed by November 30th, 2009 to qualify.
These are all reasons I believe the time to buy is NOW!