As REALTORS® we look for signs of stabilization in order to advise our clients on what the market is up to and to where we are in the recovery and growth cycle.
With The average* price of a single family home in January being $352,689 - (up a quarter of a percent as compared to December 08) and Condo prices being up 1.8% to $238,535, we are seeing good vital signs. But we must keep in mind that we need to see these numbers rise in order to keep up with the 2008 averages.
With the lowest interest rates of all time, surplus inventory, the spring market and anxious sellers very willing to take offers, the Buyers should be quite excited about their prospects, but instead they are being over cautious and biding their time which may result in the loss of a great window of opportunity for many.
Hopefully, within this next month or two when the buyers see the prices start gradually increasing and the inventory start to slip, they will jump off the fence and start taking their opportunity more seriously.