Transactions #'s Down...Jan '08 Data

Are Buyers and Sellers waiting out the market? They may be, as evidenced by the latest data regarding SoCal Home Sales Transactions which fell below 10,000 in the month of January. This is the first time this has happened in around 20 years. Clearly, Buyers are waiting, but should they?

With interest rates low, supply up, and Median home prices below 2005 levels, this may be the best time for Buyers to start putting in offers below the current list price. There is a seasonal rule of thumb in play that says Buyers traditionally wait until after the Super Bowl to enter the real estate market. I suspect we'll have a giant year in 2008.

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