2008 Real Estate Market "Comeback" and improving everyday. 2008 looks GREAT ! (Rush: sold, MBA)

[Jrprofess]

Originally Posted by PARelo

I'm amazed at the number of MLS closings/sales all over the North/South East coast in November. I would like to hear from Agents. Why now ? Are Sellers giving into "Lowballers"(Buyers) ? Is the Real Estate market making a "comeback" ? Are Buyers finally giving in to the stagnant home inventory on the market ? I always thought Real Estate sales were slow this time of year. Should Sellers start pricing their homes a bit higher now ? Thanks for your input.

Excuse my cynicism, but you appear to me to be some phony real estate pumper..at least disclose that you are a real estate in your profile...

The NAR is in for a rough '08.
JRP

[VTP]

Yesterday's paper cautioned that the bottom will drop at least 15% lower than it is now on LI. The article also said that stabilization in RE prices could not be expected until 2010. This is consistent with what several prominent economists are saying -- there is some consensus that the next 2-3 years will not be good. There was another article that forecast a "tsunami" in terms of adverse impact from decline in sales tax revenues on LI, as a result of the fact that people are no longer tapping into their equity as they once did. This is compounded by the increased fuel prices, which are causing some inflation. And then there are some who say that the mortgage/foreclosure debacle will be followed by the same thing with respect to credit card debt, which is rising partly as a result of people finding it necessary to pay for items such as gasoline with credit cards, due to the escalating costs. It's all a nasty cycle. I'm not seeing anything good to come for quite a while. I hope I am wrong.

[TomMoser]

In today's market, if you want to sell, you need to price VERY aggressively. With all the bad news out there, buyers are concerned that the property will be worth less tommorrow then today. In order to sell, you need to price where the buyers believe fair market will be six months from now.

[nancy thereader]

Yesterday's paper cautioned that the bottom will drop at least 15% lower than it is now on LI.

Yes, that's what I read and what I have heard "on the street".

[flu189]

Yet another losing day on Wall Street further eroding our retirement funds and still the talk of high bonuses. Amazing.

[GCGuy]

Oh no, 15%...that's almost like the 100% plus increases we've seen. I think many people are going to be ok. Doom and gloom sells papers.

[TomMoser]

Originally Posted by GCGuy

Oh no, 15%...that's almost like the 100% plus increases we've seen. I think many people are going to be ok. Doom and gloom sells papers.

Your right. 15% is not the end of the world. The dow 30 dropped 10% in the last month alone, and I don't see people jumping out windows. I've said it before, if people would treat their houses like homes instead of short term financial investments it will all be all right.

[Kathleenh54]

A recent CNN/Money article had a list of the ten places in the US where housing will decline over the next five years. They used a computer model with input from over a period of time. The list included places like Miami, Orlando, Las Vegas, Los Angeles and ALL of Long Island. Lists like this are always subject to change, of course, but their data was convincing.

[dub2nc]

I saw the same message that started this thread in the New York section. What's that about?

[dub2nc]

Oops, I meant the Charlotte page