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Real Estate Bottoms out?
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The real estate market was surely slow for 2006. Now the question is: has it bottomed out yet?

I know at least 2 persons who were trying to sell their houses. Both pulled their houses off the market after more than half a year of no buyers and a couple of low-ball offers. I guess they are not alone. If you count the number of people who have decided to hold on to their houses and ride out this slow market, I am willing to bet that the real estate market is far from bottoming out.

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In my expert opinion, I don't think the market has "bottomed out." There definitely has been about a 10% drop in the past 8 months and we are likely to see more of a decline than a upswing.

This "buyers market" is going to stick around for the next couple years and my guess is that there are plenty of good deals to be had and a continuing of sellers lowering their prices. There is NO urgency in the market. Therefore, even though many are looking....they have no reason to pull the trigger to decide to write an offer. In the interum, sellers get nervous and need to move and the "good deal" they just can't pass up is going to be the motivating factor to cause them to act. In turn then lowering values for future home sales.

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"kimbrelc" - Thanks for the insight! How do you price a home before putting it on the market these days? Say if I bought my house for $300K 2 years ago and have been keeping it in the same condition, what price would you set? Would it be $320K or $280K in today's market?

Have you seen a lot of sellers who pulled their houses off the market after no buyers for an extended period?

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We really just look at what similar houses are selling for right now. That means what are the other houses on the market currently priced at and what have they been selling at in the past 8 months. It's different for every area, but typically if you bought your home for $300k two years ago and you didn't overpay back then, it should be worth about $310-320k.

If you would like me to give you a more specific number feel free to email me your address and I can pull up the old sale to get the specs on your home and help give you a little more solid number.

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