The banks are in control of this country and certainly the real estate market now. They drove the values down with lack of knowledge, lack of trained personnel in the mortgage divisions both dealing with foreclosures and short sales, greed while taking government money, and greed while passing out bonuses.

They set prices on foreclosures and reduced them every month until sold and wrote off the paper loss. They have figured out that they can now list proeprty a below what they will accept to draw multiple offers until they are satisfied with what they get.
They drove the value of every home in Americal down and took everyone's retirement and investment portfolio with it. They drove it so low that they can't even deal with these low prices themselves anymore. I think that has caused a bottoming of prices. How much less can they take? How much more can we as a government affort to give them?
I think we are at or near bottom. Even a backlog of foreclosures will not take the prices down by a large percentage. Better to BUY NOW while interest rates are favorable. Interest rates have more effect on the overall cost than price in the long run. Rates will certainly go up soon. They are artificially being held down.

Depends on the Property,

Multiple offers??? Hmmm...

Higher end homes no way. Another 25%...

Cheaper homes about another 10% or more.

Rent dont buy and wait another 24 months.

Realtors want to sell you now but dont blame them as most are broke or getting there. Like many of us in the Nobama era.

Buyer beware..

JJ,
Have we hit bottom? I do not believe so. Are the best properties on the market (both in terms of price and condition) receiving multiple offers and flying off the shelves, absolutely. We will still see an overall price adjustment in our current inventory, as sellers begin to become competitive with the bank and REO comps for their neighborhood. Currently if you truly intend to sell your home you have no choice but to compete. Once the distressed inventory is sold we will begin to see a stabilization and a shift, but not until then That being said the best properties that I spoke of before are selling and will be gone. I do not believe you will beat the prices for those properties in the future. So why not start the process.
928-533-6859
Michael Yarnes

JJ,
This is a trick question. Yes, the market is different than 6 months ago. The bottom of the market might have been then. We are experiencing multiple cash offers on the best priced homes. That being said, we haven't seen the end of the foreclosure market and after this summer you will have your "regular sellers" giving up and letting the bank take the property back. So you might see a yo-yo affect for a while. As for Sellers, most need to understand that the bank owned property market is the market...most sellers will have to match that pricing in order to sell.

Yes. We are often receiving multiple offers on well-priced properties. Foreclosure and short sale properties are selling well and home prices will start going back up as those distressed homes diminish. I believe we've touched bottom and are slowly on the way up. A year from now things will be much better and two years from now we'll be back to 'normal.'

Trying to time any market is always difficult. The real question you should ask is if this is a good time to buy. If you are buying as an investment, it is still uncertain. If you are buying a home to live in, this is a pretty good time to buy. Prices are lower than they have been in years, interest rates are low. If you buy now and live in the home for a few years, the probability of making a profit is pretty high (although still uncertain). The truth is that with the combination of low prices and low interest, homes are much more affordable than they were.