Has the Real Estate Market Bottomed Out?

Whenever I go to a social event, I am asked, "How's the market?" or, "Has the real estate market bottomed out?"

Nobody has a crystal ball that can precisely predict a turn in the real estate market, but the national press has been publishing articles that view the market more favorably than it has in years.  Among other sources, the National Association of Realtors is guardedly optimistic.  CNBC recently published a positive article, http://www.cnbc.com/id/45816002/, citing encouraging signs in the housing market.

No one would suggest that you start flipping houses, but today's market with it's low mortgage interest rates and historically affordable prices, may offer opportunities for home buyers who are likely to stay in a property for seven to ten years. 

The housing market gets a lot of attention in the national press, but, for us in Bucks County, it is the local market that  matters.  While home prices did continued to deteriorate in 2011, there were some positive signs such as a noticeable decrease in the number of homes on the market in Bucks County in November, 2011 compared to November 2010.  We'll have to wait a few months to see whether positive trends continue.