How is the Market?

When you are asked how the market is by a client or just some individual, how do you respond?


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January 30 2011 - Ogden
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Answers (4)

Well I would say it a buyers market hands down. The prices of average homes selling are down but are showing some signs of rebounds. They are a lot of bargains for qualified buyers out there because of the high foreclosure rate. That seems to have stabilized. A foreclosure REO or bank owned property and short sales aren't necessarily a great deal a many people think. It just adds to the amount of homes for sale in the market. More homes for sale more supply than demand prices go down. 
It is a lot harder getting a loan now and the economy has shown a little recovery, people are stilled weary about there jobs and tend to stay in their homes and renovate instead of selling. A lot of people have negative equity in their home because the values of homes have come down quite a bit. 
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January 31 2011
I respond honestly by stating that the last 4 offers i've written have all been multiple offer situations. Where I am - Seattle & the Eastside area of Seattle - there is an increase in buyer activity & the good homes that are priced right are going quickly. If you're not prepared to compete then you need to be looking at the crappy overpriced homes (actually I don't say that but that's the current reality on the ground/in the trenches here).
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January 31 2011
I respond honestly.  there's not value really in giving a fake "positive" answer because all they ahve to do is a little research and find out if you're lying.  that being said..I do always have my positive "it doesn't really scare me" comment with it.  I do believe that market talk is self fulfilling.  If we constantly talk about how bad/scary things are people will react with fear and make it true.   I say things like-  It's been slow, not as slow here as other places but if you're buying a house to live in long term....the temporary ups and downs shouldn't matter, and if you're not looking to live beyond your means then go for it.  (then the sales stuff kicks in).  In fairness...it has been better here than other places--not so much because we did well through all the madness....home values weren't AS artifically inflated here as the rest of the nation because we got burned so badly in the 80s when oil bottomed out. -maybe my response would be different if I were  in California.
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January 30 2011
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You could always show how peter schiff says it needs to drop 23% to get to historic norms for pricing. You could show how the federal reserve says about the same thing. You could mention how house sales dropped 23% from last year nationwide and in some states is over 40% fewer house sales.

Prices are dropping, sales are not happening as well and waiting to buy will pay off with lower prices would be my reply. Then again, I am not a commission hungry professional.
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January 30 2011
 
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