There are more signs this week that nationally, the slump in the market may have reached its low point. (Don’t smack me, I said “may” ok?)
The most recent news from Las Vegas is that having been designated as one of the leading foreclosure cities in the United States, sales are edging up and prices holding steady.
The Las Vegas Sun reports condo sales were up in July by 18 percent compared to the same time last year. Buyers seem to be moving off the sidelines as prices have slipped 31% in the last 12 months or so. The number of units sold between May and July is up 28 percent, according to Trulia.com, a home sale data tracking site.
Across the country then, there is mounting evidence that real estate “bottom” has been reached. With prices increasing already in some states, this could be bad news for the fence sitters who have been trying to time the bottom of the market. However there is still plenty of opportunity here in Florida, although as we’ve noted recently with the market already showing early signs of stabilisation, the best deals will probably be had this year – perhaps as late as the first quarter of 2009. With financing increasingly hard to find though, buyers are still finding it hard to make that bargain purchase if they are not cash buyers.