The bottom?

We've all heard the media reports. We've all listened to the news and we have heard that the country is in a recession. Some pundits who have been whispering the word "depression" are speaking a little louder and the phrase, "just like the conditions during the Great Depression" has been tossed around.

I was in the car the other day half listening to the talk on NPR, and I heard someone say, that the catalyst that ended the Great Depression wasn't a government program, but was the start of World War II.

All of this talk is alarming, but here is what I have seen in the local real estate market since the experts' admission of a recession:

I have seen lots of houses that are priced correctly and agressively being sold quickly, and often with multiple offers. I've seen it on my own condo. I put it on the market on October 21, had multiple offers by October 25 and went under agreement by October 27. We closed on November 24. We're buying a new house, a short sale, (a topic for a different post, on another day) waited only 3 weeks for an answer, and are under agreement on the property with a scheduled closing of December 23. There were multiple offers on this house as well. Another house just down the street from the short sale was on the market, and once the price was adjusted to meet market demands, had multiple offers on the evening of its first open house at the new price.

Interest rates have dropped significantly, essentially making more expensive houses more affordable for more people.

There is no way to predict the bottom of the market until it starts to rise again. There have been subtle and obvious gains starting in the North Shore market lately. Now is the time to take advantage of low interest rates, and high inventory.

Drop me an email or give me a call. I'd love to help you find your new home.