Has the market bottomed out?

This is the question on everyone’s mind when it comes to buying or selling.  I ponder on this subject often.  It may very well have hit the bottom.  I have had conversations with many other practitioners in the real estate field in the Lake Wales area and this is the general consensus. 

 

Prices have seemingly come down to a point where most working people can afford to buy.  Due to many foreclosure and distress sales, prices have been driven down even further.  As a Realtor, I have experienced an increase in activity in the last few months.  Increases in showings and sales.  This is a positive sign that the market has bottomed out and the market is on an upward climb.

 

Still though, seller’s need to be careful to price their homes at a price that will reflect the most recent sales.  Your Realtor can advise you on what to price your home in today’s market based on a Comparative Market Analysis.  This analysis will contain homes that are most similar to yours and should be the most recent sales prices.  It is important to price your home accordingly for many reasons.  One being that most people will obtain a mortgage when purchasing and the home will have to appraise at the sales price.  If your home is overpriced to start with, it will discourage potential buyers from viewing your home.  They will seek out the homes that are priced correctly.  After all, there are many good deals out there.  In today’s market, you must have the proper conception about your home’s value in order to have a successful closed sale.