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Call any NYC Realtor. They will tell you that the Real Estate Market across America is about to soften, at best, and take a real beating, at worst.
New York realtors would be projecting their local market onto the entire nation. The NYC market was vastly overdeveloped in the last decade thanks to super low interest rates. The glut of housing should start pulling rents down which is a great thing for anyone that doesn't own a building.
The realtors in the areas I was looking at (2010 - 2013) were grabbing all the good foreclosures. Had a sign up...call the number, they wouldn't answer the phone.
Several years later I see some of these refused-to-show houses back on the market with "seller is agent" or something like that in the listing. List price up 20 - 30%.
They made megabucks on those foreclosures and in doing so, blocked out cash customers. Slimeballs!
who was your Buyer agent? Certainly, they could have dealt with the local agency/representation rules.
In my area many of these same agents got burned with multiple properties in 2007-2008 when the market turned. When mortgage money was free flowing and the market was skyrocketing they were flipping tons of properties for quick profits. Many of those who were doing it successfully before 2007 got caught without a chair when the music stopped.
Yep I met two when knocking on doors who had this happen.
Sure. They work with home buyers and sellers. If the phone ain’t ringing they aren’t working. They deal with loan officers, home inspectors, handymen and contractors. They have a pretty good idea what their market is doing. They can make a more accurate estimate of what the market is doing. They can get a overall image. Let’s face it if house aren’t selling in traditionally “hot” markets they most likely are having issues.
They will put a spin on a downturn in a heartbeat but tout a good market. The epitome of a liar agent to me was that scene in the Big Short where they were driven around by that agent and everyone was selling but she was trying to say it was a temporary hiccup.
When I was buying. It was in the middle of the housing crisis. I had agents literally tell me that the supply is dried up and all those houses in foreclosure were gone. Are you f’ing kidding me? I’m looking at every house being short sale or foreclosed bank owned with a smattering of “ not a foreclosure or short sale “ specifically advertised on a few houses and you’re telling me there is no housing crisis. Are you trying to convince me or you?
Last edited by Electrician4you; 11-01-2018 at 09:05 AM..
The information is there. Number of listings, time on market, pricing reports showing stagnation and prices slipping etc.
Realtors like anyone in sales need to be optimistic because their livelihood is based on people buying. You aren't going to see many Realtors taking about sinking markets.
Straight up lie, cognitive dissonance, ostrich syndrome... Take your pick but must folks when given the opportunity to sell aren't going to talk the buyer out of buying.
I agree that almost no one actually knows what the market is going to do ... just like ANY market (stocks, etc). One man/woman will be able to tout their prescience, and will have made money on that prediction.
I also agree that MOST Realtors will assist a Buyer who wants to buy, based on the premise of making money themselves. Of course, RARELY is it a terrible time to buy - you want a place to live, and you can afford it. Certainly if the Buyer had reason to believe their ability to afford was going to change, then they shouldn't buy.
However, I've also cautioned MANY Buyers - "is now the right time for you? If you're relocating in the next 2 years, I would not expect to come out whole" or "I honestly don't know what the market is doing - too many conflicting signals. There's uncertainty we should take into account."
as to the housingbubbleblog - it appears to be an aggregator of all things ... and typically negative news. The commenters don't typically know what they're talking about. There's one or more who like to post monthly stats for small communities through a movoto application. I assume the author - Ben Jones from AZ - is the same person from LinkedIn that did well in the REO phase of the early '10's?
Actually the point of my post was to find out if there was any credible "forecast" data on housing. It seems to me many economic things are forecasted and I was hoping to get my hands on housing related data. In my personal case, we are soon to be retirees who have a discretionary timeline for selling. We would prefer to stay put for a couple more years but wanted to get a sense of where the market is headed from a fact based report similar to Gartner research for technological trends that businesses use, if there is such a thing.
More specifically, I wondered if realtors have access to this type of data as opposed to more dated info based on current inventory.
I believe all the big players (NAR, Zillow, Redfin, Realogy) forecast on a national basis, but I don't know of any local and with a track record of accuracy. and unfortunately for your case, real estate is local. And I don't know that the national forecasts are very accurate either.
who was your Buyer agent? Certainly, they could have dealt with the local agency/representation rules.
I did not have a buyer agent. I either saw the house on the net or while driving by, I saw the sign and called the number. They wouldn't answer the phone. Talk about unethical. And, what if I was black? Could you imagine?
You know, 20 years ago you didn't need a buyer agent and in those days most people didn't even know what that was.
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