In the January 21, 2010 issue of the Summit Daily News, Robert Allen reports that after two years of falling prices and transactions for local real estate, local experts arent' sure whether the Summit County market has hit its lowest point.
From a cross-section of realtors, one believes we've already hit bottom and that there's going to be a "feeding frenzy", and that prices could get back to previous highs within four to six months. Another realtor isn't sure that the market has hit bottom -- that it might drop a little more. Houses that have had drops in prices are the ones that are selling. Nevertheless, this is a good time to buy rather than waiting until the market is already going up. Yet another realtor believes that it's really difficult to know.
A couple of things seem evident. People who are cash buyers have the most leverage in negotiating a purchase, and location is important -- properties that have traditionally seen the highest demand are likely to stay that way.
One indicator of the last couple of years of a soft real estate market is a decrease in the number of Summit County Realtors. From 2008 to 2009, membership in the Summit Association of Realtors dropped from 718 to 660, almost 8 percent.
If the market hasn't hit bottom, it is getting pretty close barring any unforseen market events.
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