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I've been a Realtor for over 20 years and yes I've seen sales trends correct themselves. But what and where on earth is CNN-MONEY and YAHOO getting their Real Estate facts ??? They are media terrorists of today's rebounding Real Estate Market. They don't have any hard facts making claims that the Market has worsened since 2007. I'm seeing a significant amount of "under contract" and "closings" in January 2007 compared to January 2008 in this area. These companies have nothing better to do but spin their negative reports/content, increasing their "hit counts", making more $$$$ from their sponsors. What a joke, lol.
The new construction housing market has undoubtedly changed to a downturn. The resale market has also slowed, but not to a complete halt. My mother is also a Realtor (in the Poconos) and she has sold fewer homes in the last 12 months than she expected and most of her colleagues have shifted their business focus into riding out this market correction.
The situation is not as black and white as urxp01 states. Yes, there are Realtors doing great right now, but they tough times are squeezing out the less competitive ones so if that is the case, urxp01 should be very content to discover they are an excellent Realtor who can perform even in a downturn.
Or maybe they are a novice Realtor who is hanging on for dear life and making claims like media terrorism just won't help them sell homes.
Either way,people will always have to relocate in the US economy, regardless of the current housing market so there will be sales, due to our fluid job market. I do not think we will ever return to the market frenzy of 2005 and THANK GOODNESS!
Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,006,000. This is 14.2 percent (±8.3%) below the revised November estimate of 1,173,000 and is 38.2 percent (±4.9%) below the revised December 2006 rate of 1,629,000.
How's 40% below last year's housing starts a "rebound"?
Good thing the NAR has more positive numbers. According to this http://www.realtor.org/Research.nsf/files/EHSreport.pdf/$FILE/EHSreport.pdf existing home sales are only down 22% percent in Dec '07 compared to Dec '06.
So where's your data showing 2008 is better than 2007?
I've been a Realtor for over 20 years and yes I've seen sales trends correct themselves. But what and where on earth is CNN-MONEY and YAHOO getting their Real Estate facts ??? They are media terrorists of today's rebounding Real Estate Market. They don't have any hard facts making claims that the Market has worsened since 2007. I'm seeing a significant amount of "under contract" and "closings" in January 2007 compared to January 2008 in this area. These companies have nothing better to do but spin their negative reports/content, increasing their "hit counts", making more $$$$ from their sponsors. What a joke, lol.
I find the joke more on the NAR and some overly optimistic agents. Just because you are experiencing some improved activity doesn't mean the majority of the nation is in a rebound. Here in MN, which is often a pretty good indicator, I would say the market is worse in 2008 than it was in 2007 and seemingly continues to deteriorate.
yup, as a Minnesotan I am not seeing it getting better here in central Minnesota.
Speaking of realtors-------they remind me of someone promoting an oudoor event. It would be in their best interests ($$$$$$$) to also say it is sunny outside despite the fact it is windy and raining.
Maybe it's the negative media spin just making me hallucinate all the short sales and foreclosures that are suddenly popping up everywhere in my area? And all those houses that have been sitting unsold for one to two years - just another figment of our collective imagination? And all the local statistics pointing to a downward trend, and the state senate report forecasting more foreclosures this year -- all a communist plot to discredit our strong real estate market? Tantalizing concept!
Now that you mention it, I'm thinking it's a right-wing conspiracy. Somebody is buying up all these houses, then trying to dump them for more than they're worth, then letting them fall into foreclosure, just to evilly perpetuate the illusion that the real estate market isn't doing so well. Must be those guys that want us to invest in pork bellies.
You have to hand it to these revisionists, they're really pulling out all the stops to make the market look bad. Just think of all those foreclosed houses they've been bulldozing in Cleveland. Now that cost a pretty penny, I bet.
Well as a buyer.... I can tell you that it's pretty quiet out there. I've been looking for the better part of six months watching LP's reluctantly creep downward in $1000-10,000 increments. In one community I'm looking at there are 91 properties listed for sale and only 6 closed since September 07. The local paper recently reported that 2007 was the worst year in housing since 1997. The local realtors, groused as well, claiming a left wing conspiracy to quell potential buyers.
There is only one thing stopping me from buying a home... it is the price of that home and the cost of overall ownership (taxes, insurance). My budget is $2500 per month PITI... which seems nearly impossible to achieve when the median price of a home is $320K and average taxes are $7K per year.
In New York is pretty cold right now... yet I still see some occasional tumbleweeds roll past the foreclosures.
Location: Georgia, on the Florida line, right above Tallahassee
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Speaking of spin...
Quote:
Originally Posted by urxp01
I've been a Realtor for over 20 years and yes I've seen sales trends correct themselves. But what and where on earth is CNN-MONEY and YAHOO getting their Real Estate facts ??? They are media terrorists of today's rebounding Real Estate Market. They don't have any hard facts making claims that the Market has worsened since 2007. I'm seeing a significant amount of "under contract" and "closings" in January 2007 compared to January 2008 in this area. These companies have nothing better to do but spin their negative reports/content, increasing their "hit counts", making more $$$$ from their sponsors. What a joke, lol.
It is (r)eal (e)state (m)arket. Those aren't proper nouns. Why do (r)ealtors always capitalize those words? Is it in their by-laws or something?
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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It always amazes me that people will take a local example and try to make a national point out of it. The same with those that take national figures and apply them to a local market.
All real estate is local! We'll be closing on $4 million by the end of March and all of 2007 we did a little bit over $6 million. So if you ask me how the real estate market is, I'm going to tell you it's great. 60 miles away from here the market totally is in the tank.
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Speaking of spin...
