While attending the weekly Rally and Ride( a weekly event where East County realtors showcase their listings to other Real Estate agents) an extremely loud crash was heard outside the building prompting an astute agent to comment that he thought that was the market hitting bottom. I'm obviously not sure that we are in fact at the bottom but i bet we are darned close. The signs are certainly encouraging. Inventory dropping, prices stabilizing and in some areas increasing slightly and the months of supply dropping. Generally a market that has over 6 months of inventory available is considered a buyers market, 3 to 6 months a neutral market and less than 3 months is a sellers market. Most San Diego markets are now neutral. From my personal experience I can not remember the last time that I wrote an offer for a buyer client that did not have multiple offers. There are a lot of buyers actively seeking homes and they are writing offers on the properties that they perceive as having Value. Of course the continued low interest rates are helping and the $8,000 first time home buyers credit is a real plus.
Sellers should be encouraged with the market. If they price their homes correctly they move very quickly. I know that the " we should have sold last year" pill is a tough one to swallow but once consumed you can get your home sold. The market is what it is.