I recently polled my fellow agents and lenders on BrokerAgentSocial.com about when they think we will reach a bottom in real estate. Here are the results as of 12/04/08:
NOW is the bottom! : 23%
Spring of 2009 : 36%
Winter of 2009 : 16%
Not until 2010 : 16%
Not until 2011..or later : 9%
Yes, almost a full 60% thought we were at or near a bottom and 75% thought we would have reached it on or before the end of 2009! I thought that this was very intriguing that so many Realtors, agents, and loan brokers were that positive on the market going forward. I plan on re-poll these agents in six months to see how much the mindset has changed.
Personally I believe we are still more than a year away from a “broad” bottom, however I do see certain segments of the markets in Orange County that I think are very near the bottom and may begin to stabilize relatively soon. For information on what segments and areas may be bottoming in Orange County or general questions about real estate please contact me via email at brad@so-cal-dreamhomes.com
