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!