Happy Days Are Here Again!

Bloomberg.com posted the news that Consumer Confidence fell to a 5-year low and home prices as measured by the S&P/C-S Index experienced their greatest decline since at least 2001. San Diego experienced a year-over-year decline of 19.2% Will they drop further? Some say yes; some say maybe; some say no.

So, is anyone out there buying or are they all waiting for more declines in prices? Well, SOMEBODY is buying because we have put in countless offers for buyers and EVERY SINGLE ONE has been joined by multiple offers! This holds true for bank-owned and for short sales. (Most sellers who are not selling short or facing foreclosure are still priced out of the market and seem to be holding out hoping for that one buyer to fall in love and buy their home rather than go through the hassle of buying foreclosures and short sales.)

If you are a buyer who is looking for a long-term investment, waiting for the bottom is risky. Once we KNOW we've hit "bottom," the prices will already have begun to rise. Better to shop now while inventory is up and there are less buyers hitting the market. Good luck!