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I don't know if people don't understand what's going on or their 12-15 months behind the times. Inventory (ie: homes available for sale) is rising and at record levels w/no signs of let up. Home builders are throwing incentives to buy left and right. Resale owners are throwing incentives to realtors to sell because they are desperate. People can't sell from other parts of the country which hurts this market. Also, like the guy above said, its 100X harder to secure a mortgage in today's world vs 1-2 yrs ago even.
Again people, you need to wake up and realize things are not as good for sellers as you think.
Obviously the people who think there is nothing wrong w/this market either don't know anyone who is trying to sell or believes everything from realtor sites and the NAR.
People, open your eyes! If a realtor ^^ has some concerns about the market and is calling it a buyer's market, we'll you know your in trouble! (no offense Keith, just calling it as it is...)
Correct me if I am wrong, but I think I am aggreing with ya!
Beantown is also on too something! Not sure how that is going to play out!
that would be true if rates were rising, but they have been goin down, and will continue to go down.
charlotte is part of the US economy, but it hasnt been affected 'yet'.
Quote:
Originally Posted by beantown007
As interest rates rise, this will effect how much people can afford. This will impact homes nationwide, including Charlotte. Not to mention the new laws on approving "Jumbo Loans" (any loan over $415 (ish)- This will all contribute to keeping it a BUYERS market.
Correct me if I am wrong, but I think I am aggreing with ya!
Beantown is also on too something! Not sure how that is going to play out!
Keith, we are in agreement. Its rare that realtors will go against the party line (NAR) and tell it like it is...the good realtors will do that.
I'm sure you've seen alot more incentives from builders/sellers, price reductions, and desperate people recently...
The problem is the sellers have an emotional attachment to their home and can't let go. They think their home is better than everyone else's and the downturn in market conditions won't affect them. Problem is that their behind in the game and end up reducing their price every few weeks or months when they should've been aggressive from the beginning.
Wow...well, what this thread tells me is what I was already surmising...every city/town has its unique fingerprint as far as the market goes right now, and its a function of what sorts of government, industry,educational venues, etc., exist in each, which give it either a "buyers" or "sellers" market flavor. Now, if the media would just quit generalizing and making blanket statements about housing, we would all be alot better off. This forum is alot more helpful than the Washington Post, I'll tell you that. Thank God for internet, or I'd have slit my wrist on news articles by now.
Keith, we are in agreement. Its rare that realtors will go against the party line (NAR) and tell it like it is...the good realtors will do that.
I'm sure you've seen alot more incentives from builders/sellers, price reductions, and desperate people recently...
The problem is the sellers have an emotional attachment to their home and can't let go. They think their home is better than everyone else's and the downturn in market conditions won't affect them. Problem is that their behind in the game and end up reducing their price every few weeks or months when they should've been aggressive from the beginning.
I won't mention names, but one builder is offering $15,000 dollar bonus on top of the 2.5% commission (for $300,000 homes). It is funny (NOT) realtors make out in a buyers or sellers market!
You sound like you have enough knowledge to have had your license at one time. Are you down here yet? The best thing a seller could do IMHO, and if they really need to sell, is get an accurate price, price 1-2% below that, market the heck out of it, have it in "New Model" condition (possibly staged), and in a buyers market hope some multiple offers come in! Oh, and don't forget that St. Johns Statue (or something like that)!
I'm not really for or against the NAR, just taking there Stats, and trying to interpret it! BTW, thanks for the compliment!
Last edited by Keith "Baby-Face" Lutz; 08-19-2007 at 09:45 PM..
Well, as long as the # of transactions are healthy, realtors will do fairly well....
I'm not in the business (never have). Basically I had a home to sell and did my due dilligence on market conditions w/message boards/blogs like this.
The internet has certainly changed things for the better for consumers (maybe not so for realtors )because of all the information available. 10 Years ago you would've never been able to gather all the information you need to make such an important decision.
You would not believe the arguments my wife and I had about setting the price to sell. She thought our home should've been listed alot more than what I wanted. Basically, I found a realtor who was in my line of thinking (and it definitely helped that she knew my local market very well). My house was ONLY on the market for 2 months thank goodness.
I am down here and happy now. Just trying to help guide people in making informed decisions, even if it hurts to tell them the ugly truth most times...
Last edited by CouponJack; 08-19-2007 at 10:10 PM..
Obviously the people who think there is nothing wrong w/this market either don't know anyone who is trying to sell or believes everything from realtor sites and the NAR.
People, open your eyes! If a realtor ^^ has some concerns about the market and is calling it a buyer's market, we'll you know your in trouble! (no offense Keith, just calling it as it is...)
I never said there was nothing wrong with this market - I simply stated it is an obvious sellers market in the price range of mid 200 and below.
Homes mid 200's and above are taking longer to sell now due to what is happening in other markets where people can't sell their homes and then lose their contingency's on the homes they have found here. I see this as creating a bit of a buyers market, but not by much.
The only price reductions I have seen in all the homes I look at are due to the fact that the homeowner already had to move to whatever new city he is going to, and they just want the house sold after 30 days because they need to buy where they have gone, and need to be done with the house here. People that are selling but staying in the area tend to sit on their homes longer and wait for the right buyer to pay their price. And believe me, there are buyers paying their prices, when the house is priced right! People that won't take their realtors advice on where to price their homes and insist their house is worth so much more are just wasting time foolishly.
Reductions in what builders are now offering is the building industry trying to adjust for their own problems in the market. But resales are not being reduced that way.
Last edited by lovesMountains; 08-19-2007 at 10:29 PM..
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Realtor keeping it real
Realtor keeping it real
