The most frequent question I get these days is "Is this the bottom". I know most everyone remains somewhat insecure after the wild and depressing ride the economy has taken us all on over the past three years. Without engaging in the analysis of how much value has been lost and time lines to full recovery I will simply state that we have touched the bottom and prices have stabilized.
Over the past two fiscal quarters buyer traffic has continued to increase. Partly do to special incentives and programs but also a release of pent up demand for the new lower priced properties. Investors have returned to the market place as well as second home buyers. All categories of buyers remain exceedingly cautious to be sure but they are making buying decisions.
An observation: With many properties marked down to what can only be described as sacrifice prices we are once again seeing competing offers. For example, and older ocean front home was listed for the bank-owed balance; within hours there was not one but rather six offers, all at greater than offering price. When multiple offers at greater than list price are being seen frequently I feel secure that the prices are going no lower.
The are modifiers and market anomolies to be sure that must be considered but as for here and now in this market we are back to business. Stay the course!