Everyone wants to know: "Where's the bottom of the local real estate market?" I'm going to go out on a limb here and say, based on what I'm seeing, "it depends." In some neighborhoods, I think we've already hit it. Note, I say the neighborhood has hit a bottom - not the entire metro area. That's one thing that gets lost in all the media coverage. The three golden rules in real estate are location, location, location... and that's just as true when we talk about market activity. Sure, some higher priced home prices may continue to come down... but in many neighborhoods, it's clear that that particular neighborhood has already hit its bottom. Take Summerport and Lakes of Windermere off 535 for example. Both neighborhoods seem to have bottomed out as far as what banks will take for the homes. If you're looking at the entry-level price point, there is certainly a trend for what homes are selling for. And that has clearly set a bottom for that hood. Don't be surprised to see banks starting to edge that price upward. I have seen several instances where short sales are listed at prices that are too low and the banks reject it. That stands to reason that they are clearly trying to bottom out the market. And from what I'm seeing, buyers are getting it. Homes at the lower end are selling much faster. Some are pending in less than 30 days - some even just over a week! Just off the top of my head, I'm thinking of at least 6 homes I've shown recently that I thought were good deals, and are now pending - so in terms of "where's the bottom?" - I think we're seeing it's already here.