Paul's Appraisal Blog

    I did an appraisal the other day in Riverside county. It was a purchase and the buyer was there to deliver the check and make sure everything was ok. It was a nice house and he told me that he actually got in a little bidding war over it. He won, obviously, but at a slightly higher than asking price. It was on the market all of 4 days. When I pulled comparable sales to use in the report, they were all in a very tight range of values with market times of under 3 months.

    Bidding wars? Market times under 3 months? Hmmm... sounds like the old days before the real estate downturn. I think, my friends, that we are at, or very close to, the bottom. Prices are so low that people can't resist buying- but they are also low enough so that people can buy them. Housing is affordable again!!!

    If the credit market can be kept viable, I think home prices will stabilize very soon. If you are in the market for a house, I think now is the time. Once all of these foreclosure properties get mopped up, that's it!

    What do you think? If you'd like to talk, go ahead and shoot me an email at paulmcewen@cox.net . I always enjoy hearing from any readers out there. Thanks for visiting my site and reading my blog!!