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Replies (9)
Alan greenspan claimed there was no housing bubble, so I'm not sure he is the source I would use.
Existing inventory is actually exploding onto the market, your facts, plainly put are wrong. Normally inventory drops at the end of summer, but this year it is increasing. In many states, it has increased by 25% in just the past 4 months.
In arizona, foreclosures for sale have increased from 4500 to 8050 in the past 4 months, while buying has dropped by 25%.
So, i entirely disagree that today is a smart time to buy. In fact, anyone who understands the laws of supply and demand from economics would conclude the exact opposite: prices are very likely to start and /or continue dropping this fall and winter.
Existing inventory is actually exploding onto the market, your facts, plainly put are wrong. Normally inventory drops at the end of summer, but this year it is increasing. In many states, it has increased by 25% in just the past 4 months.
In arizona, foreclosures for sale have increased from 4500 to 8050 in the past 4 months, while buying has dropped by 25%.
So, i entirely disagree that today is a smart time to buy. In fact, anyone who understands the laws of supply and demand from economics would conclude the exact opposite: prices are very likely to start and /or continue dropping this fall and winter.
- Dan, "the_country_hick"
- Contributions:4699
Most would tell you that the housing bubble began in either 1997 or 1998. We have had around 30% inflation since then.
Are house prices more than about 30% higher than back then? If yes they still have a ways to drop lower and lower.
p.s. usually when a bubble pops the end prices are lower than they were before the bubble formed. That could mean 1997 prices without inflation added could be high in the future.
Are house prices more than about 30% higher than back then? If yes they still have a ways to drop lower and lower.
p.s. usually when a bubble pops the end prices are lower than they were before the bubble formed. That could mean 1997 prices without inflation added could be high in the future.
- Hierolator
- Contributions:11
The Charlotte housing market is not the same as the national housing market. I specialize in South Charlotte and I can tell you that the prices now are about the same as the prices in 2005, and they are stabilizing. I agree that it is a good time to buy in Charlotte. It might not be in other locations, but in our market it is.
- Clif Surrency, "HighCountryClif"
- Contributions:3
We operate in a second home market, and all we see now are 'bottom feeders' looking for a deal. Buyers come by about as often as a camel; and it doesn't look like it will improve anytime soon. We're suffering from 'Obama Ignorance' about what to do. Things need to change in Washington, starting with the November election. Go getm TEA PARTY!!!
So you believe it is the president's responsibility to provide buyers for second homes?
Is that a tea party idea, second homes for all??
Is that a tea party idea, second homes for all??
- Dunes....
- Contributions:3894
"The last few months have seen a flood of information about the end of the housing boom."
The last few months?
The last few months?
- Susan Zongker, "Susan F. Zongker"
- Contributions:6
I sell in the Charlotte, NC market and specialize in northern Mecklenburg County. I definitely feel this is a great time to take advantage of this buyer's market. There are some very good deals out there. Yes, prices may continue to drop some, and a lot depends on the neighborhood, etc. You've got some outstanding interest rates that we may not see next year or in the future. You have to take it all into consideration.
- Michael Emery, "MikeEmery"
- Contributions:7298
If the market has remained essentially the same in Charlotte NC, how does one explain the statistics on Zillow? They show a 10 percent drop in that time period.
http://www.zillow.com/local-info/NC-Charlotte-home-value/r_24043/
http://www.zillow.com/local-info/NC-Charlotte-home-value/r_24043/
- broker_GRI
- Contributions:3454
It has been a buyers market for years and agents have been begging buyers to "take advantage" of it, right here...for years.
Why do us agents feel so inclined in continuing to post our mini blogs on Zillow exhibiting our "expert market knowledge" and best guesstimates?
When it has become quite apparent that few of us have any real clear understanding of our own local markets, let alone... "the market".
I am not saying that it is "a bad time to buy" however I will say ...there is no rush .
Many buyers may not be overly concerned with market conditions but those buyers who are, deserve honest information based on facts and not the needs of agents who feel inclined to "prop up the market with our positive thinking mantras"...
" the housing market is on the verge of stabilizing."
Does not a stable market make.
Why do us agents feel so inclined in continuing to post our mini blogs on Zillow exhibiting our "expert market knowledge" and best guesstimates?
When it has become quite apparent that few of us have any real clear understanding of our own local markets, let alone... "the market".
I am not saying that it is "a bad time to buy" however I will say ...there is no rush .
Many buyers may not be overly concerned with market conditions but those buyers who are, deserve honest information based on facts and not the needs of agents who feel inclined to "prop up the market with our positive thinking mantras"...
" the housing market is on the verge of stabilizing."
Does not a stable market make.
Take advantage of a buyers market
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- 0.0/5.0
- (no reviews)
Contributions:12The last few months have seen a flood of information about the end of the housing boom. Many potential home buyers are pondering if this is a good time to sit on the sidelines and wait and see where the housing market is headed. Should you shop, buy or hibernate for awhile? Here are some things to consider: During the boom years of 2003-2005, home sellers and home builders were in an advantageous position. They were getting annual double-digit price increases. There were long lines at sales offices and existing homes often sold within days of going on the market. Investors were buying up homes like crazy. Well things have changed. In the current environment, buyers are fewer in number and slower to sign sales contracts. Investors are now often sellers rather than buyers. The builders do not want to hibernate. They want to continue building and selling homes. Thus, in order to sell homes in a slower market, many builders are offering buyer incentives -- discounts, free upgrades, big screen TV's and a variety of other special offers Discounted financing packages are also increasingly being offered to make newly constructed homes more affordable. Builders typically have relationships with a preferred mortgage lender or they own a mortgage subsidiary. That sometimes offers them the opportunity to create mortgage incentives that can significantly lower payments during an introductory period. While the housing boom is certainly over, there are signs that the housing market is on the verge of stabilizing. The inventory of existing homes coming onto the market is now longer exploding, as the number of existing homes for sale has begun to flatten out. Former Federal Reserve Chairman Alan Greenspan has stated that the "worst may well be over". Adding, "I suspect that we are coming to the end of this downtrend, as applications for new mortgages, the most important series, have flattened out,"
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