While the Charleston market still has too much inventory to be able to mark the bottom, I must admit that as a seller's and buyer's agent, I have recently been on both ends with multiple offers. This is occuring on property where the price is right and the condition is spectacular! Once this becomes common place, watch out. There will not be a better time to buy that Today. It's impossible to predict the bottom. Jerry Murphy, Phoenix AZ real estate expert, put this perfectly in his post, Stop trying to find the bottom....
Over the past several years here in the Phoenix real estate market we've been interacting with buyers who have been searching for "a steal".
Well, the "steals" have come and gone. Those buyers who were waiting on the sidelines for these many many months are finding themselves in bidding wars. And many are getting frustrated to the point of giving up.
This is the folly of trying to find a bottom. Whether it be in the housing market or stock market. No market goes up forever, and no market goes down forever. When a buyer of any commodity tries to bottom fish that buyer is going overwhelmed by the other bottom feeders. It becomes a feeding frenzy where only the strong, or most determined, survive.
Buyers need to understand that it is sometimes best not to wait for the absolute bottom. Sometimes buying on the left side of the curve isn't so bad. Sure you may not get the absolute best price, but you're going to get a good deal nonetheless.
Right now in our market we are seeing homes going for $50,000 or more above list price. Cash is king. Home buyers who are buying homes as residences are getting pushed aside by investors. It's the old adage of swimming with the sharks. These people know what they're doing. If you're inexperienced at the game, you probably shouldn't be in it. That's where waiting for the bottom is a mistake. Now you have to play with the big boys. And they play for keeps.
Hopefully everyone is learing some strong lessons in this market. But history tells me that the same mistakes will be made in the future.
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