Could we be getting close to the "price bottom?"
by Tom on April 2, 2008
in Uncategorized
It’s purely anectdotal evidence, but I was talking to a local appraiser today (yes, loan officers can talk to appraisers as long as it’s not a matter of coercing them for values!) He was asking me if I had a different phone number to get in touch with one of my customers.
We were chatting about the market and he had a couple of interesting comments:
1. The majority of the purchases that he’s seeing are in the lower price ranges (no surprise there). Not necessarily a good thing, but at the same time, any of the non-foreclosured homes that sell free up others to buy “up the ladder.”
2. He said that “some” price ranges in “some” areas he’s starting to see “some” signs of price stabilization.
So is it a sign of getting close to the bottom or not? Only time will tell.
