Appraisals aren't worth much in S. FL. Most lenders will require a 2nd appraisal, and many major lenders won't do loans in Dade County period (because of mortgage fraud).
Where I live we've been dragging the bottom of the chart since 1/2007. At first no one would drop their prices. People kept listing. That was all through 2006. Now sellers here are getting the picture and dropping prices and inventory is drying up as people who don't need to sell hold off on listing. Inventory to me is the leading indicator. No better forecast. If you chart out average days on the MLS, sale price as a percentage of list and total number of listings monthly, you will see the trend. Inventory always moves first.
Of course, the successful ones just can smell out a good deal in any market. Numbers are just proof of their gut feel.
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