Are We at the Bottom of the Market?

Who is the expert who can advise their clients that we are at the very bottom of the market and now is the perfect time to buy? If I had that knowledge, I would be sitting on a mountain in Tibet, however, I am seeing some very positive signs that the market is exhibiting great recovery symptoms.

In the last week, I have worked with two buyers who found their first choice homes under contract before they could write a contract. In one case, there were two very acceptable and appealing homes that were both sold when they wanted to go back for a second look. In the second case, after I made appointments for the evening, the home she liked best was sold that afternoon. Disappointment? For sure, but the focused purchase process is now in place and each of them has seen enough to recognize a good value that meets their needs may not be on the market two weeks from now.

Price and condition are still important components. Distressed properties are still in excess of 40% of the available inventory across the nation according to the National Association of Realtors. We are,however, we are seeing some lovely rehabs in affordable price ranges. Fannie Mae's HomePath mortgage option has taken over where relocation companies left off years ago by "renewing" foreclosed properties to make them attractive and affordable to buyers. They have also streamlined the purchasing process.

Is it difficult to qualify for a mortgage? Obviously, that is the first task of the focused buyer. Always see a lender before viewing properties. If you do not know who to call, call your Realtor for several recommendations. Secure your buying power and then go out and buy. There has never been a better selection and interest rates are low.Don't be one of those who will have to say "No one told me. I wish I knew." Of course, I am not the ultimate expert, but...this is the way I am seeing the market today.