Sellers conceding, Buyers scooping up bargains

With real estate prices sinking to historic lows and with foreclosures and distressed properties on the rise, many sellers are ready to put their current situation behind them and move on. In many cases this means that prices are being adjusted downward to levels where buyers who had been standing on the sidelines are stepping in and making their purchases. Who are these buyers? I have seen an uptick in first-time buyers in my own South Florida real estate practice, mostly for properties between $150,000 - $250,000. According to a recent article by Michale Giusti, Bankrate.com, It's bargain time for home buyers, the trend is the same in many markets across the country. A Sun Sentinel article, South Florida buyers step up as home prices drop, reports that even some long term investors are stepping in but warns that tightening credit markets and rising unemployment may keep the buying trend in check.