We Are at the Bottom

July 30, 2009

in Destin Florida Real Estate, Real Estate News

Many of you are shaking your heads…so let me explain. Of course, I am only referring to my area of the country…Destin, Florida. There is no doubt in my mind that we are at the bottom of the market for single family homes priced $350,000 and under.

Something has been happening that we have not seen since the boom…multiple offers! I have buyers I am working with where it took 4-5 homes before we were either able to get the price worked out or be the only offer! Several times there were multiple offers and we were out bid. It is amazing, crazy and exciting!

Our inventory is coming down every month and the pending/solds are going up. While we still have too much inventory, we are moving in the direction of a balanced market.  Prices are back to around 2003. Buyers who couldn’t afford to buy, now can.

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