How Do You See The 2011 Season Shaping Up, Given The Challenges We Face?

  • August 20 2010 - Naples
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Answers (6)

I have been thinking that our market would have been hit harder than it has so I will remain positive until I see differently.
  • August 22 2010
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In the Northeast OH Market, I don't know what to predict for 2011 because of our high unemployment numbers.  If those numbers improve, our market will improve significantly!

Roberto Ribas:  I have read a number of your answers with insults regarding our own profession.  What's your intent?  You were a math professor & I have been an attorney for 30 years. So, what gives?

  • August 22 2010
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Demand has dropped by some 30%, since the tax credit ended.
30% less pending homes
30% less mortgage applications from buyers
30% less new home buying.

Pretty consistant data.

SInce most sales agents couldn't pass econ 101 with a tailwind, I'll help with the anlaysis:
Price is a lagging indicator of market conditions, it changes later.
Supply and Demand are leading indicators. We have slowly increasing supply, through foreclosures, and a big drop in demand.

Prices are going to drop. l
  • August 22 2010
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Profile picture for LISA FITZSIMMONS
I'm usually glass half full (3/4 full actually, I like to refill frequenlty) but I'm curious regarding the shadow market in northern, New Jersey.  I know of three homes, in my neighborhood alone, that have been without owners for two years now, that have not sold, although one had an offer in short-sale but buyers backed out after 6 months of waiting.  I do not live in a run-down neighborhood...it's a late 70's subdivision of middle class families that all commute to places beyond, or teach or sell real estate!  These particular home owners, who ran out instead of trying to do the right thing, bought into the "re-finance through the roof" then could not pay it back or get what they refinanced for.  There are many more like this out there that I have seen listed as short sale, then expire from the market and unless the lenders worked something out with the owners to re-work their mortgage, then there are going to be a lot of homes re-listed after they haven't sold at sheriff's sales.  Anyone else see the shadow market posing issues in their areas?
  • August 22 2010
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The rest of this year will remain about the same, then the market will slowly, but surely improve.
  • August 21 2010
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I guess that depends where you are and at what price point you are. I see rates remaining around where they are now. But until we see employment improve and the formation of households increase, I don't see much improvement. Look for an increase in the multi-generational household formation. Hope not though.
  • August 20 2010
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