- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
- Peppertree
- Contributions:1
I hope your right. I live in Chandler Arizona (85226) and our market seems to be a bit slow(er). Many news articles and TV bits are saying its getting worse but should get better as new companies move in but that is two years off. I do pray things turn around in RE market in AZ for 2008. It would be a blessing.
Thanks,
Scott
Thanks,
Scott
- hrtsvr1983
- Contributions:15
So, the question is,do we take our house off the market and relist it next year,or leave it on?It has been on the market for 13 months, other homes have sold in the neighborhood, but most have been "fire sales" as these owners have already purchased something else.I live in Maryland, and our market has definitely slowed.Any suggestions?
I would say that completely depends on your motivation and reason for moving. Its a great time to buy right now, but selling well...not so much. I am an agent and I am also trying to sell my home in Maryland. You are not alone. Houses are still selling but its more in the markets closer to the metro area with a shorter commute. Interest rates are still low that is true but they have moved up enough to lower top price buyers can pay. I sold 2 houses in under 30 days but they were priced under 300 bigger buyer pool and more competition. My husband and I have been looking for a home for over a year, we have been all over Maryland looking for the right home. We found one in Chestertown, however when I spoke to my loan guy and found out I would be paying more for a house that cost 100 grand less than the one I am currently in and add the cost to commute across the bridge well as much as it was my dream home we said forget it. There are so many factors as to why things arent moving right now and when I ask other agents how they got their quick sales they all tell me the just got lucky.
- Kevin Lake, "AZ Homes"
- Contributions:45
"I hope your right. I live in Chandler Arizona (85226) and our market seems to be a bit slow(er). Many news articles and TV bits are saying its getting worse but should get better as new companies move in but that is two years off. I do pray things turn around in RE market in AZ for 2008. It would be a blessing.
Thanks,
Scott "
I am a Real Estate Agent in your market, and when the average home price rose 25% higher than the average 2 income wage would qualify for, we were in trouble. The sub-prime crazy loans supported it for almost 2 years longer than natural economics would have let it run.
I have been tracking REO bank non performing portfolios in the area and the numbers are growing at a rapid rate, banks are in the processing of hiring managers to handle them. If they decide to dump (as they did in 1989 here) prices could erode more!
Good news as prices come down affordability to the average buyer comes into play.
And for the investors Rents have gone way up since January, the why rent when you can buy with a crazy loan attitude is gone, and many are being forced to rent .
my 2 cents
Thanks,
Scott "
I am a Real Estate Agent in your market, and when the average home price rose 25% higher than the average 2 income wage would qualify for, we were in trouble. The sub-prime crazy loans supported it for almost 2 years longer than natural economics would have let it run.
I have been tracking REO bank non performing portfolios in the area and the numbers are growing at a rapid rate, banks are in the processing of hiring managers to handle them. If they decide to dump (as they did in 1989 here) prices could erode more!
Good news as prices come down affordability to the average buyer comes into play.
And for the investors Rents have gone way up since January, the why rent when you can buy with a crazy loan attitude is gone, and many are being forced to rent .
my 2 cents
- scott daniels, "floridalistforless"
- Contributions:755
I think you`ve fogotten that many of these foreclosures have been taken into account and factored in already.
That being mentioned, Banks understand what they must do in the future to prevent what they`ve started.
Sub-prime lenders where encouraged by the Bear Stearns of the world to produce more loans.
Many banks are "Writing Off" the losses, have you dealt with any "Loss Mitigation" depts yet?
Take a good look at FHA loans and deny there is a sudden increase in it`s popularity.
The shift is happening as we speak...
That being mentioned, Banks understand what they must do in the future to prevent what they`ve started.
Sub-prime lenders where encouraged by the Bear Stearns of the world to produce more loans.
Many banks are "Writing Off" the losses, have you dealt with any "Loss Mitigation" depts yet?
Take a good look at FHA loans and deny there is a sudden increase in it`s popularity.
The shift is happening as we speak...
- JoshGville
- Contributions:90
Floridalistforless
I hope so 8) My wife and I are trying to sell in Gainesville (have a realtor with Bosshardt) But man.. its tight here.
I hope so 8) My wife and I are trying to sell in Gainesville (have a realtor with Bosshardt) But man.. its tight here.
- Aldreth
- Contributions:4226
- Aldreth
- Contributions:4226
Does it look like a rebound to you??
- Kary L. Krismer, "Krismer"
- Contributions:2454
Adreth,
Our sales volumes are down about 11% from a year ago, but a year ago was a buyer frenzy situation. Being down 11% from then would be expected. Your link is just something that gives an incomplete picture. Comparing two time points is typically meaningless.
What's surprising is that with lower volume and higher inventories, median prices are up in many/most areas.
Our sales volumes are down about 11% from a year ago, but a year ago was a buyer frenzy situation. Being down 11% from then would be expected. Your link is just something that gives an incomplete picture. Comparing two time points is typically meaningless.
What's surprising is that with lower volume and higher inventories, median prices are up in many/most areas.
- scott daniels, "floridalistforless"
- Contributions:755
Josh,
We wish you the very best!
We wish you the very best!
- Aldreth
- Contributions:4226
" Adreth,
Our sales volumes are down about 11% from a year ago, but a year ago was a buyer frenzy situation. Being down 11% from then would be expected. Your link is just something that gives an incomplete picture. Comparing two time points is typically meaningless.
What's surprising is that with lower volume and higher inventories, median prices are up in many/most areas"
Wow you are dumb. Lets have a little educational course, since you seem to be so in need of it.
First off... January '05 to April '07 is a year? Nice math there buddy.
Median prices are up? LOL - You are completely clueless.
They all look red and down to me.
http://housing-watch.com/home.aspx
Q.How big is the housing bubble?
A.Oh my thats huge.
http://www.irvinehousingblog.com/wp-content/uploads/2007/05/price-to-income-ratio.jpg
Q.What caused this?
A. ARMS, Interest only, and other garbage feeder loans.
Q. Why?
A. Their payments go higher and they can no longer afford the REAL rate.
http://www.wealthdaily.net/article.php?id=369&pub=wd
Q.How are foreclosures doing?
A. Record highs
http://www.irvinehousingblog.com/wp-content/uploads/2007/05/febnods.jpg
Q.And how is this market affecting foreclosure auctions?
A.No one is bidding.
http://www.chicagobusiness.com/cgi-bin/news.pl?id=25664&seenIt=1&ref=patrick.net
Q.Pending home sales are at a 6 year low?
A.Thats a big 10-4 there buddy. Bet you won't tell any buyers this!
http://biz.yahoo.com/ap/070703/pending_home_sales.html?ref=patrick.net
Q. Realtors remove listing data from MLS?
A. God know we can't have any educated buyers! They don't need to know that it has been on the market for 600 days... Then they might think there is a reason and research it!!!
http://www.socalmls.com/DispArticle.cfm?ARTICLE_ID=19628&ref=patrick.net
Q. How are those hedge funds that support these mortgages doing?
A. UHOH - looks like these once valued funds at 16billion are worthless.
http://www.consumeraffairs.com/news04/2007/07/bear_stearns.html
Our sales volumes are down about 11% from a year ago, but a year ago was a buyer frenzy situation. Being down 11% from then would be expected. Your link is just something that gives an incomplete picture. Comparing two time points is typically meaningless.
What's surprising is that with lower volume and higher inventories, median prices are up in many/most areas"
Wow you are dumb. Lets have a little educational course, since you seem to be so in need of it.
First off... January '05 to April '07 is a year? Nice math there buddy.
Median prices are up? LOL - You are completely clueless.
They all look red and down to me.
http://housing-watch.com/home.aspx
Q.How big is the housing bubble?
A.Oh my thats huge.
http://www.irvinehousingblog.com/wp-content/uploads/2007/05/price-to-income-ratio.jpg
Q.What caused this?
A. ARMS, Interest only, and other garbage feeder loans.
Q. Why?
A. Their payments go higher and they can no longer afford the REAL rate.
http://www.wealthdaily.net/article.php?id=369&pub=wd
Q.How are foreclosures doing?
A. Record highs
http://www.irvinehousingblog.com/wp-content/uploads/2007/05/febnods.jpg
Q.And how is this market affecting foreclosure auctions?
A.No one is bidding.
http://www.chicagobusiness.com/cgi-bin/news.pl?id=25664&seenIt=1&ref=patrick.net
Q.Pending home sales are at a 6 year low?
A.Thats a big 10-4 there buddy. Bet you won't tell any buyers this!
http://biz.yahoo.com/ap/070703/pending_home_sales.html?ref=patrick.net
Q. Realtors remove listing data from MLS?
A. God know we can't have any educated buyers! They don't need to know that it has been on the market for 600 days... Then they might think there is a reason and research it!!!
http://www.socalmls.com/DispArticle.cfm?ARTICLE_ID=19628&ref=patrick.net
Q. How are those hedge funds that support these mortgages doing?
A. UHOH - looks like these once valued funds at 16billion are worthless.
http://www.consumeraffairs.com/news04/2007/07/bear_stearns.html
- Aldreth
- Contributions:4226
Q. Isn't this just a subprime problem?
A. Nope, actually ALT-A borrowers are in more trouble than subprime...
http://www.bloomberg.com/apps/news?pid=20601087&sid=aeWSvfvHw3cQ&refer=home
Q. When do these ARM's reset?
A. We have a dangerous cliff ahead.
http://www.autodogmatic.com/forum/viewtopic.php?t=280&highlight=resets
Q. What happens when these reset?
A. Pay the highest possible interest rate or claim bankruptcy.
http://www.wealthdaily.net/article.php?id=369&pub=wd
Q. Why is this happening?
A. Affordability is at a ridiculous level.
http://www.irvinehousingblog.com/wp-content/uploads/2007/05/dti-1986-2006.jpg
A. Nope, actually ALT-A borrowers are in more trouble than subprime...
http://www.bloomberg.com/apps/news?pid=20601087&sid=aeWSvfvHw3cQ&refer=home
Q. When do these ARM's reset?
A. We have a dangerous cliff ahead.
http://www.autodogmatic.com/forum/viewtopic.php?t=280&highlight=resets
Q. What happens when these reset?
A. Pay the highest possible interest rate or claim bankruptcy.
http://www.wealthdaily.net/article.php?id=369&pub=wd
Q. Why is this happening?
A. Affordability is at a ridiculous level.
http://www.irvinehousingblog.com/wp-content/uploads/2007/05/dti-1986-2006.jpg
- scott daniels, "floridalistforless"
- Contributions:755
Interesting and your point is?
- Kary L. Krismer, "Krismer"
- Contributions:2454
Adreth,
I don't know what your year point was about. I was talking about 06 to 07. I have no idea why you think I'd be talking about a different time span. Spring and summer 06 was a period of a buyer frenzy.
Second, your link doesn't show Seattle dropping (it doesn't even give any data). But the latest data does in fact show median prices up in this area.
I don't know what your year point was about. I was talking about 06 to 07. I have no idea why you think I'd be talking about a different time span. Spring and summer 06 was a period of a buyer frenzy.
Second, your link doesn't show Seattle dropping (it doesn't even give any data). But the latest data does in fact show median prices up in this area.
- Kary L. Krismer, "Krismer"
- Contributions:2454
Here's the current data for most counties in Western Washington:
http://www.nwrealestate.com/nwrpub/common/mktg.cfm
There are a few counties where the median is down (Jefferson County is down 25% if I recall correctly) but most are up, and overall it's up.
http://www.nwrealestate.com/nwrpub/common/mktg.cfm
There are a few counties where the median is down (Jefferson County is down 25% if I recall correctly) but most are up, and overall it's up.
- scott daniels, "floridalistforless"
- Contributions:755
It seems Adreth is speechless.
- bythenbrs
- Contributions:20
Year to year sales down substantially for both new and existing home sales in June...
Record foreclosures and defaults with the next wave of interest rate re-sets in late 2007, early 2008...
The stock market is tanking with widespread recognition of the melt down in real estate and mortgage lending markets...
Just a thought but you may want to reconsider the original premise of this thread.
Record foreclosures and defaults with the next wave of interest rate re-sets in late 2007, early 2008...
The stock market is tanking with widespread recognition of the melt down in real estate and mortgage lending markets...
Just a thought but you may want to reconsider the original premise of this thread.
- Kary L. Krismer, "Krismer"
- Contributions:2454
The stock market is not tanking. If it goes down another 100 points (to 13250) then it will be trading outside of it's trading range, and that would be a bit significant. The coverage this is getting in the press is laughable.
Right now it's just at the level it was at at the beginning of the month.
That said, I'm not predicting whether it will break through 13250, I'm just saying unless it does this is a non-event.
Right now it's just at the level it was at at the beginning of the month.
That said, I'm not predicting whether it will break through 13250, I'm just saying unless it does this is a non-event.
- teardowns dotcom, "Teardowns.com"
- Contributions:938
There is always going to be speculation on current conditions - the media seems to exagerrate on the side of the negative, though..
- bythenbrs
- Contributions:20
Krismer... maybe you missed the headlines; the sell-off was triggered by the release of year to year new and existing home sales statistics and by the comments of the CEO of Countrywide... and we are now down another 118 points today...
If you have seen the pictures of the trading floors the past two days, you would say "tanking"...
By the way, what flavor of Kool-Aid are you drinking these days?
If you have seen the pictures of the trading floors the past two days, you would say "tanking"...
By the way, what flavor of Kool-Aid are you drinking these days?
- scott daniels, "floridalistforless"
- Contributions:755
Mainly it was the major homebuilders who didn`t have much good news to report.
Toll, DR.Horton,Mercedes etc. reported dismal earnings,which triggered the drop.
Toll, DR.Horton,Mercedes etc. reported dismal earnings,which triggered the drop.
- Kary L. Krismer, "Krismer"
- Contributions:2454
bythenbrs,
Ironic given your screen name that you think it was the news that sent the market down, rather than the fact that it had gone up about 800 points in the last 30 days. The press always has a "reason" the market went down or up. I call them excuses--they are not reasons.
If you'd asked me on June 4 where the market would be today, I'd have said the INDU would be between 14,100 and 13,250. The market is just trading in an upward trending range (trend since June 2006) The INDU is actually rather high if you look at the trend since March 2002. As I said above, if it breaks (and closes) below 13250, then we have some news, but even that wouldn't be a disaster. It just means we've broken a trend that's only lasted about a year.
BTW, the Nasdaq is in about the same position of the INDU (low end of range) but the S&P 500 is only about in the middle of the long term trading range.
Ironic given your screen name that you think it was the news that sent the market down, rather than the fact that it had gone up about 800 points in the last 30 days. The press always has a "reason" the market went down or up. I call them excuses--they are not reasons.
If you'd asked me on June 4 where the market would be today, I'd have said the INDU would be between 14,100 and 13,250. The market is just trading in an upward trending range (trend since June 2006) The INDU is actually rather high if you look at the trend since March 2002. As I said above, if it breaks (and closes) below 13250, then we have some news, but even that wouldn't be a disaster. It just means we've broken a trend that's only lasted about a year.
BTW, the Nasdaq is in about the same position of the INDU (low end of range) but the S&P 500 is only about in the middle of the long term trading range.
- Kary L. Krismer, "Krismer"
- Contributions:2454
I mis-spoke above. Over the same time range, the S&P 500 is in worse shape than the INDU and Nasdaq, not better.
- scott daniels, "floridalistforless"
- Contributions:755
The market is stable, the economy is strong. Election year is approaching we should see a jump in consumer`s buying homes again!
- Kary L. Krismer, "Krismer"
- Contributions:2454
I wouldn't call the national real estate market stable, but I wouldn't say it's crashing either. But I do agree the economy is stong overall. That will help prop up the market, except in areas which have a weak economy.
The bottom line is people still want to buy houses and own houses. Unless interest rates go to a point where that is difficult, the market should do okay over the near term (unless you're in an area with a weak economy).
The bottom line is people still want to buy houses and own houses. Unless interest rates go to a point where that is difficult, the market should do okay over the near term (unless you're in an area with a weak economy).
- scott daniels, "floridalistforless"
- Contributions:755
With so many short sales the lenders are covering their tracks in my humble opinion. I don`t believe they`re looking for another banking scandal of the 80`s.
That would ruin the party for many of these top notch shareholders who hold high positions inside of these banks.
That would ruin the party for many of these top notch shareholders who hold high positions inside of these banks.
- bythenbrs
- Contributions:20
The market is "stable"? Which one, stock or real estate? Neither looks stable to me as of this date.
Year to year new and existing sales are down dramatically and the speculative real estate market bubble is bursting, which is good for home ownership long term. Inventories are way up but sellers are still holding out for prices that are unrealistic. Potential buyers like myself will continue to sit this market out until we see selling prices return to more sane levels.
For myself, I have been researching markets in the Carolinas for a second home. Pre-qualified, exceptional credit score with the financial means to pull the trigger at any point in time, but why should I buy at the top of the speculative bubble when I can buy the same home a year from now at 15-30% less?
The propaganda that continues to flow from the NAR causes the public to loose confidence in realtors as a profession. [By the way, how is David Lereah? Haven't heard from him in awhile.] My personal experience in dealing with three separate realators in the past 12 months has left me more than underwhelmed. I now view realtors in general as of a type with used car and life insurance salesmen.
I know that not all realtors are schuysters but the industry (realtors, mortgage underwriters, appraisers, etc.) has a huge integrity problem and denial will not help regain the public trust.
Industries and professions need to police themselves. From a consumer perspective, your profession is at a tipping point. Ignore the advice if you wish but my sentiments are shared by many potential buyers.
If that is not enough, enlightened self interest should cause the industry to police themselves. Congress has taken notice of the bursting bubble and the carnage that is strewn around the country. Don't think that oversight will be limited to mortgage underwriters. How long before trial lawyers smell an opportunity?
Year to year new and existing sales are down dramatically and the speculative real estate market bubble is bursting, which is good for home ownership long term. Inventories are way up but sellers are still holding out for prices that are unrealistic. Potential buyers like myself will continue to sit this market out until we see selling prices return to more sane levels.
For myself, I have been researching markets in the Carolinas for a second home. Pre-qualified, exceptional credit score with the financial means to pull the trigger at any point in time, but why should I buy at the top of the speculative bubble when I can buy the same home a year from now at 15-30% less?
The propaganda that continues to flow from the NAR causes the public to loose confidence in realtors as a profession. [By the way, how is David Lereah? Haven't heard from him in awhile.] My personal experience in dealing with three separate realators in the past 12 months has left me more than underwhelmed. I now view realtors in general as of a type with used car and life insurance salesmen.
I know that not all realtors are schuysters but the industry (realtors, mortgage underwriters, appraisers, etc.) has a huge integrity problem and denial will not help regain the public trust.
Industries and professions need to police themselves. From a consumer perspective, your profession is at a tipping point. Ignore the advice if you wish but my sentiments are shared by many potential buyers.
If that is not enough, enlightened self interest should cause the industry to police themselves. Congress has taken notice of the bursting bubble and the carnage that is strewn around the country. Don't think that oversight will be limited to mortgage underwriters. How long before trial lawyers smell an opportunity?
- Kary L. Krismer, "Krismer"
- Contributions:2454
bythenbrs,
Why do you think real estate agents are responsible for the bubble, assuming there is a bubble?
I'm having a hard time understanding that. Real estate agents don't typically tell people when to buy, but instead find the house people want at any given time. And except in a buying frenzy situation, prices are usually negotiated back and forth.
If you want to blame someone, the mortgage industry and the appraisers used on refinances would be a much better group to blame. Those groups collectively allowed people to overextend their credit and over-encumber their property, neither of which is good for the market.
And connecting that up to the first point, when you're an agent representing a buyerand the buyer is pre-approved for $XXX,XXX.XX, it's often rather hard for the real estate agent to convince the buyer that they should go to some number below that. You can tell them that, but not all of them listen. You're their agent, not their mother. You can't force them to do anything.
That said, I'll agree not all agents are competent or even honest. I just don't see how their incompetence or dishonesty has lead to a downturn in the market.
Why do you think real estate agents are responsible for the bubble, assuming there is a bubble?
I'm having a hard time understanding that. Real estate agents don't typically tell people when to buy, but instead find the house people want at any given time. And except in a buying frenzy situation, prices are usually negotiated back and forth.
If you want to blame someone, the mortgage industry and the appraisers used on refinances would be a much better group to blame. Those groups collectively allowed people to overextend their credit and over-encumber their property, neither of which is good for the market.
And connecting that up to the first point, when you're an agent representing a buyerand the buyer is pre-approved for $XXX,XXX.XX, it's often rather hard for the real estate agent to convince the buyer that they should go to some number below that. You can tell them that, but not all of them listen. You're their agent, not their mother. You can't force them to do anything.
That said, I'll agree not all agents are competent or even honest. I just don't see how their incompetence or dishonesty has lead to a downturn in the market.
- Kary L. Krismer, "Krismer"
- Contributions:2454
Just to rant at the press again, this morning my local news didn't hardly mention the stock market. Friday they were all over the story because of the drop on Thursday, but apparently two days of no trading has caused them to forget the market exists.
The stock market is much more vulnerable today, after Friday's drop, than it was Friday after Thursday's drop, but they don't understand that.
And another point on the news media. When you hear an anchor read the stock market results, see if they have any idea what the numbers mean. If the INDU is down 110 for the day, and the Nasdaq 50, they'll typically emphasis the first number because it's larger than the second (and three digits), not realizing that the INDU is 4x the relative size of the Nasdaq, and that a drop of 50 is 2x as large.
The stock market is much more vulnerable today, after Friday's drop, than it was Friday after Thursday's drop, but they don't understand that.
And another point on the news media. When you hear an anchor read the stock market results, see if they have any idea what the numbers mean. If the INDU is down 110 for the day, and the Nasdaq 50, they'll typically emphasis the first number because it's larger than the second (and three digits), not realizing that the INDU is 4x the relative size of the Nasdaq, and that a drop of 50 is 2x as large.
- Kary L. Krismer, "Krismer"
- Contributions:2454
I guess now that the stock market has tanked I might as well just give in and admit that the real estate market will tank nationwide. ;-) :-D
Wall Street Booming and the Economy stable. Is Real Estate next?
-
- 0.0/5.0
- (no reviews)
Contributions:755There are still many obstacles in our way, yet the feeling for many is with employment and inflation numbers at almost record lows our economy seems to be very stable.
Is it only a matter of time before we see the market change?
Many Realtors believe that if we`re able to ride out the "Great Debacle of 2007" we`re in for a very strong 2008 Housing market inspite of Foreclosures and Mortgage Fraud!
Investors are quietly purchasing homes in Bulk.
Banks are so busy dealing with paper work to resolve foreclosures that what used to take a few days to get answers now take weeks!
What`s really happening?
In our area, make no debate the market moved to fast and too rapidly.
Like anything else, we weren`t able to sustain, what goes up, doesn`t always continue to go higher!
Housing prices would move 30-40% in a matter of months,leaving many to think it would end!
Today, housing prices have dropped, it`s clear that since May 2007, the market is rebounding!
With unemployment,and inflation holding steady for 6 years, the numbers don`t lie! I believe that 2008 will indeed rebound and the Real Estate market will be back!
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.