I have been speaking with a lot of buyers lately (the flood gates have really opened since December 25th came and went!) and the big question I keep getting over and over is “WHEN will the Bottom Hit?!”
If you don’t understand this question, then let me briefly explain it further. Obviously, the real estate market has been slow for quite some time now. The bottom of the market refers to the point at which real estate prices will cease to go lower and the market will start to get stronger again. For a lot of buyers, THAT BOTTOM POINT is when they want to buy. And for obvious reasons! They will be able to get the lowest price out there for the home of their dreams!
So… although with some I have failed to give my true opinion, here it is. I think I feel a little more confident about it since I have seen others saying somewhat the same thing…
I think the bottom of the Real Estate Market will hit sometime in the last quarter of 2009 – meaning October, November or December… My reasoning is that the prime selling/buying season is from spring through fall. The slow season is typically in those winter months. This is where our lowest point will most likely be. As the new Obama Administration comes into office January 20th, I think it will take a while for the housing crisis issues to be addressed; therefore, the resolutions of them are likely to come later as well. So that is another reason behind my thinking.
I saw a great article on twitter that @stevegm wrote – here it is: http://dirtrichtv.com/?p=72#comment-9
He has some great points as well!
For those who are interested in buying at the bottom of the market, just wait a bit and get started on the process in September – November for what I believe will be the best deals!
For more information on Middle Tennessee Real Estate or for a free comparable market analysis on your home, please contact Realtor Emily Lowe at 615.509.1753!