Is the market turning?

I think it has hit bottom, but it is also rising in some places, but just because it rises some in one place, it won't be the same in another place. Maybe your area is starting to turn, or just your particular neighborhood. I think it is still very near the bottom however nationwide, and who knows when it will really start a good recovery across the board.

In my area it is turning. houses on the mls last about one month before they sell..

Hi Ed,

For the most part of the country the market is turning, might not be as high as it used to be but, it is showing signs of recovery. Read my post on forum "Market Trends and Conditions" the article I posted about markets that are on there way up. If you are in or near those markets you are in good shape for now.

Thanks,
Shah

as all real estate is local. I think the market is in a bottoming process but we still have a lot of drag on this market so stay nimble. 2014 is the window of recovery.

These days it is all subjective. I am curious on what you used to get the evaluation. Right now whatever the buyer and seller agree on is the market value. Using comps is still the best way to determine value, however if you don't pull the right comps it will skew the value. If it was an appraisal, that is the "appraised" value and doesn't mean that someone will pay that for it. For your sake I hope it really did go up.

Good luck

At the following website, Weiss Ratings an excellent resource for how banks are doing today (last quarter and today) explains that mortgage insurance companies are still digging out. Citing double losses in 2011, Weiss said,

"In a sign that the financial crisis is far from over, mortgage guaranty insurers more than doubled their loss in 2011, suffering a $5 billion hit compared to the $2.5 billion deficit reported in 2010.
This comes in the wake of consolidation as industry observers witnessed the runoff of Old Republic International Corp.'s mortgage guaranty business and the bankruptcy of PMI Group."

Until pmi insurance companies experience income surpassing their loss, any reports that home prices have hit bottom are premature.

Read the full article dated June 28, 2012 here: http://www.weissratings.com/news/articles/financial-crisis-deepens-for-m...

As Bill so accurately stated, Real Estate is local. Sometimes down to the very street you are looking at. One block can have appreciation and the very next block have no growth at all.
I don't care what some national statistic says. I go by inventory available and demand. No inventory and high demand will indicate an up turn in that LOCAL market. (sellers market) 10 months of inventory and high average DOM would indicate a market still at the bottom.(buyers market) Like Dean says, let the market in your area tell you what the status is. The market does not lie.

Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC