Profile picture for ramona_gem

Any ideas on when the market will stabilize?

  • February 07 2009 - Austin
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Answers (15)

From Orlando Agent! I'm a numbers person. Here is goes: 

  There are currently about 11,000 Active homes on the our market in the Orlando and surrounding counties. 2,500 are closing a month and 9,000 are pending which are mostly if not all short sales waiting to final approval to close.
  The bottom!! Summer is the best time to buy homes all year with families trying to move between the summer months of school. 
  Several months ago I read that the Orange county of Orlando had about
8-9,000 homes in the court system to be foreclosed on. 
  How many foreclosures are being held back to stablize the market? NO one knows. 
  IS The Market Stablize now? I don't think so, But Soon. I have never been
very good at timing. I alway get in just before the bottom or after the item that I'm buying has turned and the price is going up again. 
  DIFFERENT MARKETS, DIFFERENT ANSWERS!!  GOOD LUCK!!

  • July 28 2011
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Profile picture for sunnyview
How do rents in Austin compare to the average PITI on a house right now? Are they moving closer together?
  • July 27 2011
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I believe the market will remain a "buyer's market" for quite some time.  It seems that it is becoming more and more stable from what it was in 2008 and 2009, but people are still nervous to make commitments.  Unfortunately, people have lost their job security and haven't regained that assurance that if they purchase a home now they will be able to continue paying for it in 5 or 10 years. 
In our area, the market continues to get better, but we still have prices that are much lower than they were in 2006 or 2007 and it is impossible to know when home values will go up again.
  • July 27 2011
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I just read an article posted today stating that over 1 million properties heading toward foreclosure are being held up into 2012.  This will contribute toward existing high home inventories that we currently have.  Their estimates were that challenges will continue in our slow housing market through 2015. Stabilization in the housing market will differ depending on what region of the country is being analyzed.
  • July 25 2011
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Of course that depends on what market you are in. There are clear signs of stabilization in my market, Orlando, FL. Inventory in Orange and Seminole Counties is down 60% from 2008. Prices are bottoming and with interest rates at historic lows, people are buying again. I've been getting new investment clients locally, out of state, and even out of the country. Listed homes are selling much faster if they are priced correctly and it is the best buyer's market ever!
  • July 25 2011
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Profile picture for Blue Nile
Well, I heard on the public radio that NAR states 6 million homes sold in one year in the U.S. is a "normal market"; and that 4.67 million homes were sold in the past 12 months.

So, maybe 6 million homes sold per year (keeping the homes an average of 18 years) is no longer a normal market?  So, maybe the market will be "stable" when only 4 million homes are sold per year (keeping the homes an average of 25 years)?

A lot of sales people entered the industry when houses sold all by themselves and there was "easy money"...  perhaps a number of those people need to seek other income instead?

So, what is the average turn over rate in your neighborhood?  If it is less than 5 years, you have a very long way to go before your market is stable.
  • July 25 2011
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I think we will continue to see small price fluctuations.  I don't expect large price drops or gains in the short term.  I believe we are at or near the bottom of the housing market.  We may stay there for a while, but the continued lack of supply and reasonably strong demand in our local market will prevent any further medium or large price drops. The intense amount of investor buying activity bodes very well for our marketplace. The biggest impediment to a full recovery at this point is access to credit – loans are easy for most and impossible for some. Once credit markets open up again, I would expect significant price growth. I wrote a recent blog about this topic and our current market, which you may find interesting. Keep in mind differences remain in different markets throughout the U.S.

  • July 25 2011
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Profile picture for Leanne Poole
Although no one can be certain, most industry professionals speculate it will take a good 3-5 years before the market stabilizes.
  • July 25 2011
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After our politicians raise the debt ceiling, cut government spending, increase revenue and create job.  This may take time and patience on our part!
  • July 25 2011
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Texas as a whole is doing pretty well. San Antonio market seems to be stabilizing in general.
  • July 25 2011
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When the amount of sold homes per month and the amount of homes on the market for sale become closer to equal.  Right now in most markets there are a lot of homes for sale and very little selling. Simple supply and demand tells us when there is more supply then demand the price must drop till the demand catches up to the supply.
  • July 22 2011
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Some areas have stablized, like downtown and the surrounding W side communities. Other areas are depressing. Its highly localized.
  • July 19 2011
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Profile picture for Mr Caveat
years
  • February 08 2009
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No one knows when the market will turn around. Yhe best singual for that, will be more equity sellers and less short sales or REOs.
  • February 07 2009
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These are great videos to watch...
http://recenter.tamu.edu/ ... ideos.asp

If you have any additional questions or concerns, I will be more than happy to get that information to you.
Stacey Jones
[content removed by moderator]

Have a Fantastic Evening!

  • February 07 2009
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