Bubbles within the Bubble? What's happening in the So Cal Market? The signs are telling us we're at the bottom.....

There seems to be some emerging markets that are heating up in the Southern California market.

More precisely, the $400,000 and below market for single family homes seems to be firing up.  This is more than likely attributed to a combination of things the way I see it:

  • The lowest interest rates we've seen in quite a long time
  • Tax credits and incentives that are a result of President Obama's stimulus program
  • The new realistic approach that banks seem to be taking on pricing their foreclosure property listings
  • The new realistic approach that banks are taking with short sales.
  • The buzz in the buyer's market that we have hit bottom

Realtors are talking amongst themselves and we pretty much agree that a buzz is starting in certain pockets and price ranges.  We are all seeing properties going into multiple offers - 5.6.10, 15 and in some cases over 20 offers on properties that are either very aggressively priced, and/or show very nicely.

WE ARE DEFINITELY THUMPING AT THE BOTTOM, PEOPLE.  THESE ARE THE SIGNS.

Don't wait until someone drops a house on your head before you're convinced we've hit bottom.  NO ONE RINGS A BELL WHEN WE DO.  And if you're waiting for that bell, it's probably too late!

Comment balloon 0 commentsRalph Gorgoglione • April 04 2009 12:38AM
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