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Answers (5)
- The RYAN POAG Group
- Contributions:9
"Chris and Maria Skrip" answered this well. I was with Maria at the conference, and I work with her and Chris. She couldn't have covered this better.
Ryan Poag
RE/MAX: The RYAN POAG Group
Ryan Poag
RE/MAX: The RYAN POAG Group
- David Pautler, "David the Coach"
- Contributions:87
Interesting question because it presupposes there will be a double dip recession ? Not sure that is even going to happen. We have few homes in foreclosure in our market at this time. Less the 800 total homes for sale on the island and the last I looked on 18 Homes in foreclosure.
However I think the real question is what are Realtors doing to handle this possible challange. Simple answer Knowledge, training and keep on top of the changes as they happen.
Life is short you should get a place here and enjoy life.
However I think the real question is what are Realtors doing to handle this possible challange. Simple answer Knowledge, training and keep on top of the changes as they happen.
Life is short you should get a place here and enjoy life.
- Benjamin Preisner, "BenjaminPreisner"
- Contributions:2
I don't think anyone really knows where the economy is headed. But I can say this - for qualified buyers it is definitely a good market. Sellers may wish to wait if they can.
Right now there are some great deals out there and in a double dip recession, I suspect you will see home prices fall. But Sales on Hilton Head have risen 14% for the last year. Additionally, the NAR confirms one in 10 real-estate transactions in recent years was for the purchase of a vacation home.
Other areas such as Palm Beach, FL, showed a 40% annual increase and a 54% increase in homes under contract, indicating an especially strong fourth quarter. Palm Beach sales volume now is comparable to its 2007 peak.
Right now there are some great deals out there and in a double dip recession, I suspect you will see home prices fall. But Sales on Hilton Head have risen 14% for the last year. Additionally, the NAR confirms one in 10 real-estate transactions in recent years was for the purchase of a vacation home.
Other areas such as Palm Beach, FL, showed a 40% annual increase and a 54% increase in homes under contract, indicating an especially strong fourth quarter. Palm Beach sales volume now is comparable to its 2007 peak.
- Chris & Maria Skrip, "REMAXBEAUFORTSC"
- Contributions:595
I'll share some stats that I heard at R4-RE/MAX Convention a few weeks ago. We were told to expect another 7M foreclosures. Full time Realtors have to expect that we will be dealing with Short Sales and Foreclosures for several more years. These types of transactions have always been around, but just not in the numbers we have experienced over the past few years.
Also, these types of transactions (Short Sales/Foreclosures) are going to be a large part of our real estate business for at least a couple more years. The best thing Realtors can do is to be educated (CDPE, Certified Distressed Property Expert or one of the other designations related to Short Sales/Foreclosures)
Also, Realtors need to set the appropriate expectations with our sellers regarding time/days on the market and list/sales price. Sellers in today's market are not only competing with their neighbors property down the street, but in may cases the foreclosure down the street.
In my Brokerage, we are seeing an increase in transactions. Based on my in-house review of contracts, we are seeing the investors coming back to HHI and grabbing up the deals on the island. We are expecting a strong 2011 on Hilton Head.
Also, these types of transactions (Short Sales/Foreclosures) are going to be a large part of our real estate business for at least a couple more years. The best thing Realtors can do is to be educated (CDPE, Certified Distressed Property Expert or one of the other designations related to Short Sales/Foreclosures)
Also, Realtors need to set the appropriate expectations with our sellers regarding time/days on the market and list/sales price. Sellers in today's market are not only competing with their neighbors property down the street, but in may cases the foreclosure down the street.
In my Brokerage, we are seeing an increase in transactions. Based on my in-house review of contracts, we are seeing the investors coming back to HHI and grabbing up the deals on the island. We are expecting a strong 2011 on Hilton Head.
- Dan, "the_country_hick"
- Contributions:4697
I think you are under a mistaken concept. Real estate agents do not try to handle the possibility of price changes. They simply market a house for sale in the market it is in.
If interest rates rise prices will drop. If more people make less or no money (un- or under-employed) prices will drop. Real estate agents can not change or affect the things (except for lobbying congress) that will change the housing market one way or another.
Will a double dip cause lower prices? Probably. Stay tuned to find out for sure on both the possibility and the reality.
If interest rates rise prices will drop. If more people make less or no money (un- or under-employed) prices will drop. Real estate agents can not change or affect the things (except for lobbying congress) that will change the housing market one way or another.
Will a double dip cause lower prices? Probably. Stay tuned to find out for sure on both the possibility and the reality.
How will a double dip recession affect home sales on HHI?
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