You know how they put blinkers on horses so they aren't distracted by the carnage going on around them?
I think that's how lots of realtors are feeling, like we wish we had blinkers on.
I need a little attitude adjustment. Need to light the real estate candle, tidy up my desk, and focus on the good stuff that's going on. And, there is a lot of good stuff. Maybe it's just January that's getting to me.
Showing posts with label market. Show all posts
Showing posts with label market. Show all posts
Wednesday, February 13, 2008
Thursday, November 29, 2007
This time it's real
We now have data showing prices nationwide dipping 0.4%.
The Office of Federal Housing Enterprise Oversight has published these numbers. The 0.4% price drop is a comparison of prices in July-September 2007 vs. July-September 2008.
There's a story on the front of the Star Tribune if you want the down and dirty.
Yun, the big economist for NAR (National Association of Realtors) remains optimistic. He anticipates no more "major" price drops. Remember, he's the one that kept saying "Slow market? What slow market? The market is great!" Marketwatch has a nice article ripping Yun on this one.
But, all real estate is local.
I am seeing sellers begin to give up. Lots and lots and lots of foreclosures and pre-foreclosures. Lots of sellers will be taking their houses of the market in the next few weeks before Christmas, because it's so slow and showing your house is a hassle.
The houses that remain on the market are great bargains, for the most part. Anyone trying to sell their house this month are dead serious about selling. I think my current buyers will be getting great deals.
The condo market is pretty much desperate.
Certain neighborhoods have a lot of foreclosures, which is pushing down prices. Those that need to sell have slashed prices back to 2002 and still aren't selling.
How do we come back out of this?
Incomes needs to rise, and home prices need to remain steady.
The Office of Federal Housing Enterprise Oversight has published these numbers. The 0.4% price drop is a comparison of prices in July-September 2007 vs. July-September 2008.
There's a story on the front of the Star Tribune if you want the down and dirty.
Yun, the big economist for NAR (National Association of Realtors) remains optimistic. He anticipates no more "major" price drops. Remember, he's the one that kept saying "Slow market? What slow market? The market is great!" Marketwatch has a nice article ripping Yun on this one.
But, all real estate is local.
I am seeing sellers begin to give up. Lots and lots and lots of foreclosures and pre-foreclosures. Lots of sellers will be taking their houses of the market in the next few weeks before Christmas, because it's so slow and showing your house is a hassle.
The houses that remain on the market are great bargains, for the most part. Anyone trying to sell their house this month are dead serious about selling. I think my current buyers will be getting great deals.
The condo market is pretty much desperate.
Certain neighborhoods have a lot of foreclosures, which is pushing down prices. Those that need to sell have slashed prices back to 2002 and still aren't selling.
How do we come back out of this?
Incomes needs to rise, and home prices need to remain steady.
Wednesday, September 5, 2007
It just gets worse
After all of the reading and thinking I have been doing on this real estate market over the past few months, I really believe the strong buyers' market (=crappy sellers' market) will be with us for the next few years, at least 2 years.
Our bigboss manager Barb came by today and was in a meeting with Warren Buffet, the one the ultimately owns Edina Realty. I am proud to say Warren is of the same mind I am - we're going to be in this mud for at least 2 more years.
Today marketwatch.com had another good article. Some excerpts:
The index hit its lowest level since September 2001, and pending sales were 16.1% below their year-earlier level. The July data reflect trends before August's mortgage meltdown.
House prices are down 3.2% in the past year, the biggest decline ever recorded in the 20-year history of the Case-Shiller home price index. See full story. A year ago, home prices were rising at a 7.5% pace nationally. At the Federal Reserve meeting in Jackson Hole, Wyo., Robert Shiller, chief economist at MacroMarkets LLC, said 50% declines in home prices in some regions were entirely possible.
See entire article here:
http://www.marketwatch.com/news/story/july-pending-home-sales-index/story.aspx?guid=%7B0C7A07E0%2DD437%2D4B42%2D8FE2%2D45570D5F1145%7D
I mean, I know that prices are dropping -- I can see that happen --but 50%!?!
Fifty-freakin' percent???
I do know that some areas are really hard hit by foreclosures -- see the Star Tribune's foreclosure map -- and in those areas, real, normal people sellers need to compete with the "everything must go" mentality of banks holding real estate. But will those areas drop 50%?!?!
All I can tell you is if you've got the change in your pocket, and the guts to do some real estate investing, step up to the plate buddy, because you're up to the plate and the pitcher isn't so hot. There are lots of ridiculously well-priced properties to be had, all conditions, all areas. And rental prices are coming up. All of the foreclosed subprime borrowers need to live somewhere, and it's gonna be in a rental.
So, I really think we have about 2 more years of a rocky ride. I know I am busy, and I am going to be hanging in there. But I think we will see a lot of realtors just getting out of the business.
Our bigboss manager Barb came by today and was in a meeting with Warren Buffet, the one the ultimately owns Edina Realty. I am proud to say Warren is of the same mind I am - we're going to be in this mud for at least 2 more years.
Today marketwatch.com had another good article. Some excerpts:
The index hit its lowest level since September 2001, and pending sales were 16.1% below their year-earlier level. The July data reflect trends before August's mortgage meltdown.
House prices are down 3.2% in the past year, the biggest decline ever recorded in the 20-year history of the Case-Shiller home price index. See full story. A year ago, home prices were rising at a 7.5% pace nationally. At the Federal Reserve meeting in Jackson Hole, Wyo., Robert Shiller, chief economist at MacroMarkets LLC, said 50% declines in home prices in some regions were entirely possible.
See entire article here:
http://www.marketwatch.com/news/story/july-pending-home-sales-index/story.aspx?guid=%7B0C7A07E0%2DD437%2D4B42%2D8FE2%2D45570D5F1145%7D
I mean, I know that prices are dropping -- I can see that happen --but 50%!?!
Fifty-freakin' percent???
I do know that some areas are really hard hit by foreclosures -- see the Star Tribune's foreclosure map -- and in those areas, real, normal people sellers need to compete with the "everything must go" mentality of banks holding real estate. But will those areas drop 50%?!?!
All I can tell you is if you've got the change in your pocket, and the guts to do some real estate investing, step up to the plate buddy, because you're up to the plate and the pitcher isn't so hot. There are lots of ridiculously well-priced properties to be had, all conditions, all areas. And rental prices are coming up. All of the foreclosed subprime borrowers need to live somewhere, and it's gonna be in a rental.
So, I really think we have about 2 more years of a rocky ride. I know I am busy, and I am going to be hanging in there. But I think we will see a lot of realtors just getting out of the business.
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