2009 Market Indicators - What we are seeing out of the gate...

· Signs of the Bottom: We are seeing evidence of the bottom in the worst hit area, Alum Rock - a neighborhood in San Jose.
· Buyer activity: Tripled since the first of the year - open house traffic is dramatically up, phones are ringing more, investors are moving in.
· Buyer sentiment: People are expecting a good deal, they want to take advantage of the declined market but still believe prices may come down a bit.
· Herd mentality: Expect the masses to really come out mid year, perhaps as early as April, leading to a higher rate of multiple interest and multiple offers (we are seeing them now in the low end and in the cream of the crop/priced to sell properties)
· REO Properties: The banks are holding their inventory - expect a new uptick in the volume of REO listings in the next 60 days. The rate of foreclosures has not changed.
· Loan Modification and Short Sales: Banks are being strongly encouraged to work with homeowners to reduce the number of foreclosures.

For more information, or if you want to "beat the herd" contact me, Tracy Pina or go to Find Your Next Home.