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Has the market hit bottom yet?

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Brenda Sprankel, "bree007"
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Brenda Sprankel, "bree007"

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Has the market hit bottom yet? I really don't see prices coming down much, in fact they seem to be continuing upwards. Sellers are not budging on there prices. Buyers have low prices, low interest rates & sellers paying for closing cost plus more! In your opinions has the market hit bottom yet?

September 13 2007 - US

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Brenda Sprankel, "bree007"
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Brenda Sprankel, "bree007"

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opps didnt mean to hit the button twice, please delete one thread. thx

September 13 2007

mpal
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I can only hope so!

September 13 2007

lkbryant
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Finally peoples are starting to crawl out of their caves!
Thank you Brenda! And yes, house prices seem to have stopped declining and shows hopeful signs of house prices rising.
We have actually dodged a major bullet here as it could've been a very serious problem for the nation.
But it seems the market is recovering on it's own.
I guess that is just the beauty of the American capitalism. =)

September 13 2007

pinksandbaby
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oh goodness I hope so

September 13 2007

pinksandbaby
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I WANNA BUY!!!!!!!!!!!!

my whine for the day

September 13 2007

chuckdog24
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Wow, that's almost too easy to debate.

Hmmm.. which set of facts & which credible new sources to start with first...
Let's just say that I wouldn't be the first to say that sellers need to adjust their expectations for a changing market. Plenty of sellers in our area listed for top $ this spring & are now trying to unload now for as much as 20% off of their original expectations. Pitty that a 5% decrease in the spring could have made all the difference for their sale potential.

September 13 2007

mpal
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I don't know Chuck, a lot people have dropped their prices or have a fair price on their homes and are still waiting to sell.

September 13 2007

pinksandbaby
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I agree mpal. Less buyers higher inventory.... let's set it to music!!!

September 13 2007

pinksandbaby
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da da da da da taaaaaaaaaaaaaaaaa

September 13 2007

mpal
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LOl, I'll dance a little if you sing!

September 13 2007

pinksandbaby
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oh goodness.... I'm No Elvis honey, you do NOT want that! lol

September 13 2007

Alan May
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Yes, LK... you're absolutely right... finally peoples are starting to crawl out of their caves!

September 13 2007

fsconsult
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Well, I'm not sure about everywhere else, but in NoVa, condo prices has been going down for awhile now.

Townhouse prices has been keeping steady, but recently have been dropping like a rock...some actually below where it was selling for in 2004. It's still dropping.

I guess it's following the normal downturn market...where condos drop first, townhouse next and finally SF homes. SF homes are dropping somewhat, but I feel it's gaining steam (downward that is). We have to see.

September 13 2007

optasia
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Prices are still going down every week here. The house down the street is now priced at 2003 prices! With foreclosures on the rise, sellers don't have a choice but to drop prices.

We expect prices to go down another 20%. That's a conservative estimate.

September 13 2007

oregonhouse2003
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I don't know about anywhere else, but the sellers and agents in California are still in delusion land. Still trying to get 200-300 dollars a sq. ft., much higher in some areas. Some of these places are priced 3-4 times higher than 5 years ago. Is that called a bubble?

September 13 2007

jmamtm
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A Secretary for a REO agent told me that it is about 1/3 into it. I heard just the other day that they have piles of houses to process. They are working long hours and weekends.

Perhaps the short term prices are going to be determined by:

1. Folks that have to sell but have control over the sales price
2. Folks that have to sell but are in too deep to have real control over the price
3. Bank owned

I expect as the folks in 1 and 2 dry up the pricing will be left to the banks and their willingness to bargain.

My thought is that the best shopping is still to come.

September 13 2007

2 Big 2 Fail
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Nobody in my area has any financial problems keeping their homes. Most houses have been listed for over 1 year, most with insane prices so please spare me the nonsense of all this foreclosure talk. Many of the local real estate experts here in NJ (REAL experts, not NAR representives) have consistently said that there are not enough foreclosures to bring prices down. NJ has over 500 towns, but there were only 200 foreclosures this summer.

September 13 2007

jmamtm
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Alpine292 - You bring up a good point - qualify with location.

I live on a block with about 31 houses. 16 newer homes of which 3 never sold. At least 2 houses on the block are foreclosed. A moving van at another house today. At one point there were 5 for sale signs up. Just around the corner there is a small new subdivision - maybe 60 lots total. Just a few houses sold with maybe 18 in total built.

In my post above I should have included a 4th item: New homes. In my area they might have the biggest impact on our overall cost rise or fall followed by banks. I quess it is a question of how long each group can hold out.

I live in CA.

September 13 2007

Space_Truss
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@ Brenda, you look like a smart girl.

Pick an arbitrary zip code from Maryland. Select some arbitrary homes. See how long they have been on the market and how their prices came down.

@ Pinksandbaby. How much are you asking for your house? What is your original price?

@ Alpine292 , does anyone from this forum know you ? Are you a seller from Alpine or one of those hungry agents desperately thinking that saying thousand times "market is strong" will make the market strong?

Are you selling or buying? If selling, where is the house, do you have any ads here ? If not selling or buying, what are you doing here? Are you a teenager trying to help her dad to sell a house and bring some money to home in this though market?

I am just curious.

September 14 2007

Kary L. Krismer, "Krismer"
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Kary L. Krismer, "Krismer"

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Hit bottom where? Some places it probably has, some places it hasn't and some places it hasn't peaked yet.

September 14 2007

2 Big 2 Fail
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Yes, I am selling a house. And no, I do not have any ads on zillow.

September 14 2007

Toni Stromnes, "Selling Oakdale"
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No, we haven't hit bottom yet. I just had another builder in my office looking at the land next to our community, to purchase, in Central California. So when he brings in his smaller homes on smaller lots and sells them for less money, my builder will have to slash prices even lower, lay off another construction manager (we now only have 2 for 200+ homes), and go down to one sales agent per office, currently we have two to cover all days so someone gets a day off. So, no we have not hit bottom.

September 14 2007

Roberto Ribas, "azrob"
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let us recap the salient facts:

1. inventory! say it loud! record numbers of homes for sale.
2. Foreclosures: climbing by grand percentages each quarter, both filings and actual takings.
3. Bank inventory: these are must sell homes, and the numbers are growing each month
4. sales velocity: slowing every single month!
5. Credit: we just had the fastest tightening of credit availability ever in the last 45 days... this means less buyers going forward

What do all of these indicators mean for the future of housing prices? any simpleton with basic econ should be able to see the future of this...

buying in the next couple of years would not be intelligent

September 14 2007

lkbryant
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correction.
it actually means that there is no better time to buy than now.
would you seriously miss out on this chance to buy the home of your dreams? someone else will take it before you do.

September 14 2007

lkbryant
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when the house pricing starts to stabilize, there will be shortage of homes on the market and house prices will start to double or triple in value due to so much demand. don't wait when it becomes a buyer frenzy, buy now when it is peaceful and quiet. make your move now. buying a house takes a lot of strategy, it is almost like a game of chess. smart buyers will buy now rather than later. it is all about the first attack.

September 14 2007

fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"
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fat HOMER SIMPSONS ANGRY BITTER RENTER, "FlipofftheFlipper"

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It's a great time to buy

September 14 2007

Kary L. Krismer, "Krismer"
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azrob00,

lkbryant would only be stupid if he paid attention to some anonymous poster's predictions that real estate prices are going to drop 20-30%. You'd have to be really stupid to base any personal financial decision on that type of information. You'd have to be like the guy who drove interstate to Publisher's Clearinghouse three times thinking he won.

I wouldn't suggest commenting on other posters' intelligence when you're obviously aiming at the lowest of of the low with your own posts. You'll insult your own audience.

September 14 2007

lkbryant
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or the smartest person ever =)

September 14 2007

Roberto Ribas, "azrob"
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wow another realtor on here!

hmmm my previous posts have given 5 good solid reasons why prices will decline; between the 2 of you, how many reasons have you come up with to refute my logic??

ZERO

They don't have to take my percent prediction to heart, just analyze the 5 reasons I have given driving prices down in the future:
1. Increasing inventory 2. Increasing Foreclosure 3. Increasing REO discounted properties 4. Sales have slumped below 2001 levels 5. ARM resets are still increasing...

When most of those indicators begin returning to nuetral, we will be nearer to a bottom; When purchase price divided by rent or purchase price divided by income are closer to their historical norms, those would be indicators to start thinking about.

Sorry to overwhelm you guys with analysis, go ahead and spread some sunshine on the dogs whatever

September 14 2007

lkbryant
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actually i'd like to think of myself as a WISE Long term investor =)

September 14 2007

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