Have you had a conversation lately where there has not been a discussion about the market? Are we at the bottom for single family homes? Are we at the bottom for condominiums? Is the glass half-empty or half-full?
In my opinion, it depends on if you are looking at it from a macro or a micro perspective. If you look at the overall picture for single family homes it appears inventory levels have stabilized and we may even be moving in the right direction now on a macro level. However, on the micro level it really boils down to a community by community question. Most communities have a very good selection of properties available and hence there is serious competition for buyers and hence downward pressure on prices. However, there are a few communities out there with little to choose from. This will tend to keep prices stable.
The condominium market may not be quite as far along. There are still a number of condominium projects being completed which is generally pushing inventories up. However, there are still shortages on a micro basis. It just depends on the location and community.
The reality of the market is that it is still tough overall. The positive side of things is that most of the buyers that are out there seem to be serious. The same for sellers – this is not the time for timid Sellers who are not flexible and willing to listen to offers.
The most important thing to realize is that the glass is half-full and in the end the market is what you make of it.
