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"Falling for the eight consecutive month, the S&P/Case-Shiller Home Price Index reveals that home prices in major metro areas are back to mid-2002 levels, with no end to the declines in sight."
I'm seeing this hold true in the Charlotte market but it's still a tough pill to swallow.
How are you helping your Sellers deal with reality?
I've just been trying to shoot the facts straight and make sure expectations are realistic. A conversation with a Seller this morning ended on a positive note when we told me that "it is what it is" and that he understood that it's unreasonable for him to expect "market" value when Buyers have a bevy of homes available below "market". I told him that the market really tells us what a home is "worth" and that it (the market) ultimately tells you what a property is worth.
I don't know about you, but it isn't getting easier to make money in this crazy market.
Also, have you seen ABC's "Rent vs. Own" take? It makes it even bleaker! The little blurb on last night's World News said if you didn't have $30,000 for a down payment and $5,000 a year for improvements (i believe that was it?), then you should rent. Come on, ABC, give us a break already!
People that have equity sell for a number of reasons. To downsize. To upsize. To move closer to work or family. Because they can and when they sell their house at the current market values, they can buy another home at the current market value.
It's sad that the media reports on the housing market 'as a whole' and paints the gloom and doom picture, when in actuality there are pockets of areas that are doing nicely, weren't hit as hard, are rebounding, etc.
Seriously, aside from the relocation deals and estates...
who would even want to even consider selling in this market?
I've got one who just recently married and needs to sell the house he owned prior.....another divorced a while back and ready to move into a "fresh start". It is a crazy time to try and convey real estate in "normal" transactions, but there are folks out there trying. I have several but accomplishing what they'd like to accomplish is one tall order!
People that have equity sell for a number of reasons. To downsize. To upsize. To move closer to work or family. Because they can and when they sell their house at the current market values, they can buy another home at the current market value.
Exactly. Some folks want to take advantage of the sweet deals out there IF they can liquidate their current home without it being too sour.
It's sad that the media reports on the housing market 'as a whole' and paints the gloom and doom picture, when in actuality there are pockets of areas that are doing nicely, weren't hit as hard, are rebounding, etc.
I'm with you - media, give us a break!!
Who would listen to the media if they told the truth??? The whole idea is to sell newspapers, magazines or TV time. Even when the articles say "something" positive, the headline doesn't...gotta grab those readers!!!
Last week, I took buyers to a NEW n'hood that is between $175K to $275K. The week before, 8 homes were sold.
My buyer has no home to sell...she is a first time homebuyer.
Yesterday, I took buyer to a NEW n'hood that is between $350K and $500K. This past week, they sold 3 homes.
My buyers already sold their home. They are moving up.
I think the majority of folks that move to my area and have owned their own homes previously are NOT going to rent.
So, the news is NOT all doom and gloom but I doubt the media is going to report THAT!
Who would listen to the media if they told the truth??? The whole idea is to sell newspapers, magazines or TV time. Even when the articles say "something" positive, the headline doesn't...gotta grab those readers!!!
Vicki
While you're right that sensationalism sells newspapers, it is also true that the Case-Shiller index represents hard numbers and the experience you related in the part of your post I didn't quote above is an anecdote. That is, what you are relating is probably the exception. So, isn't the "truth" more accurately the reflection of the rule, rather than the exception to the rule? Sounds like emotion is driving your comments rather than rationality.
Face it, this thing is very spotty. Where I live there is a booming short term rental market and houses sell pretty quickly at well over $100 a sq ft. 200 miles away is Phoenix where houses are well under replacement cost and still going nowhere
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What is the truth, exactly?
