Oct
30
Have we hit bottom?
Posted by Beth Lyons under For Buyers, For Realty Professionals, For Sellers, Marketing Reports, Carmel
Have we hit bottom? Well, if we haven’t I’d hate to see what it looks like. I have recently picked up on some positive signs that seem to have been eluding us in recent months. Gas prices coming down, a positive news report on Good Morning America regarding how numerous markets are showing marked improvements in sales, sale units up 7% in Indiana last month, a surge in the stock market that appears to be holding up better than other recents surges, signs that lending is beginning to loosen up. No major bad news in the past week.
We are often being asked when will the housing market hit bottom. Unfortunately, by the time we can answer that for you, it will already be on a much sharper upturn than the lengthy downturn we have been experiencing. My vote says if we aren’t there, we’re pretty darn close. Once buyers catch on that now is the time to buy they will have already missed the very best time to buy. If you are a ready, willing and able buyer, what more can you ask for than a “Buyers Market” with near historically low interest rates.
There undoubtably is some serious pent up demand. Particularly in the Indianapolis, Carmel, Zionsville, Fishers and Geist areas. All of us have been affected by this economy. Many of us have placed our spending on hold. However, if we still have our homes, our jobs and our families, things really have not changed that much. History shows that our 401k’s and other investments will recover in the long term.
Of course each of us needs to evaluate our own personal situations. But, if you feel secure in your job, now may be the time for action. If you were interested in stepping up your housing situation prior to the recent mess, you may very well be able to step up even further than you had ever hoped. If you are a qualified first time home buyer, don’t wait. If you want a vacation home, give it a close look now. If you are downsizing you probably want to wait, although an evaluation of the current interest rate offerings may lead you to think otherwise.
So have we hit bottom? I’ll tell you in three to six months. Just as with a recession that may be over by the time you can prove you were in one, by the time you can prove the housing market is stabilized it will once again be moving toward a ”Sellers Market”.
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