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What is going on with the Real Estate market?

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HB home buyer

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We have written offers on numerous home's only to beat out by others.  I thought the market was "slow"?
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October 07 - Huntington Beach
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Karen Parsons Fiddler, "Karen Fiddler"

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Hi,

It's really not a buyer's market anymore in Southern California....at least not in Orange County. The market is definately not slow either....we are in a multiple offer market. Prices have come down so low that investors are entering our market with cash offers.....I suppose they feel it's a safer than the stock market.

I find all my buyers are competing...but you can get an offer accepted, it's still about relationships. Your agent can put you in a good position by personal contact and follow-through...I am using the lenders to contact the listing agents also to help assure them that my buyers are solid and can close.....even though there are many offers, many fall through also....so sometimes I get the offer accepted after time has passed.

Karen

Karen Fiddler
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October 26
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Caleb Yamanaka, "CHUTTA"

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what I meant was... "Seller isn't dictating the price"
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October 08
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Caleb Yamanaka, "CHUTTA"

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 high inventory turnover and low times on market. we have that.


you have that, but only for specific product which is bottom end REO's.  You do not have high turnover and low times on market for most other product that is not REO.

definition:

Situation where demand is high but supply is low, therefore sellers can dictate prices to maximize theirreturns. Also called hard market. Opposite of buyers' market.


It is not a Seller's market when prices are falling or even staying flat.  At this point Seller is dictating the price, the market is dictating and the Seller is following suit to get the property sold.
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October 08
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Leann Barrett REALTOR, "EastsideSpecialist"

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It really depends on what price point you are shopping in and is very specific to location.
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October 07
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NTETS, "Caveat Emptor"

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i didnt say "worst ever" i said "it hasnt been this good since 07 when some people still believed NAR spin... 


 For it too be a Seller's market Median price on these lower listings would have to be going up
And you can have a seller's market at or near market equilibrium, all it means is high inventory turnover and low times on market. we have that.( and yes, i refer to the states that are published in case-shiller or have data that i can look at and articles i can read. CA has a lot of those.
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October 07
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(Basically, it is start to rise from early Jan. 2008 -> (Basically, it is start to rise from early Jan. 2009
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October 07
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In Los Angeles county and Orange county maybe neither seller's market nor Buyer's market, since the home prices hadn't return to July 2008 level yet (In my area it was returned to June or July 2008 level)
The home prices of two counties start to rise from Feb. 2009 (Basically, it is start to rise from early Jan. 2008 due to the people needed 2 months from accepted offers to closed escrow)
However at the low-end and middle market it is definitely 'no home for you to buy market', you may look at www.realtor.com website, there are 60%-80% home pending sells at any area (the remain is asking prices too high)
Will see what happening in the future, very hard to predict the human's mood.
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October 07
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Caleb Yamanaka, "CHUTTA"

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Places like Murrieta and Corona have 20 or more bids on each property, so thinking it is only happening in Las Vegas or Orange County is extremely naive.


There is nothing naive about my statement.  They were held up as examples.  Its a bit mundane to have to list every single market that is experiencing this multiple bid situation.

For it too be a Seller's market Median price on these lower listings would have to be going up.  Just because you have 20 offers on a property doesn't mean anything if the property is worth less 2 months from now.

Now are there micro markets where it could possibly be a Seller's Market?  Sure.  Just like there were Micro Markets that were good buys over the last 2 to 3 years.  But as I am constantly reminded on this site... Its a National site and for the most part we are taking a Macro view of the Market and it is by no means a Seller's Market.

If Corona and Murietta are anything like Las Vegas with its multiple offer situation then you should be happy to not have bought in the past year as there are still 1000's of foreclosures off the market and the market will only continue to fall.
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October 07
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Danny Brown, "dannybrown"

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The residential market is hyper local, or micro, so each area has a unique landscape and the activity level varies in each area and each price range.  The schitzophrenic impulses you're feeling are valid.  We're reading and hearing a lot of awful econmic news everyday, and then we're seeing 15 offers on some properties.  Why is this happening?  This usually happens on the Westside of Los Angeles when a home is priced more than 5% below the true current market value.  If a house is priced right, there's a lot of qualified buyers ready to snap it up.  If a house is not priced right it will sit until it's reduced to an attractive price. 
Obviously, Interest rates are ridiculously low and won't stay this artifically low forever, and there's been a pent up demand of buyers who have been on the sidelines for the past 3-5 years.  All of these factors have helped spur transaction activity through out Los Angeles.
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October 07
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workabee

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The industry has created a seller's market and they want to extend the credit to keep it going. Once the credit dam is gone, they know the market slide will continue back to normal prices just like water finding it's own level.
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October 07
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Having been involved in a search for a home in earnest for about a year now, I agree absolutely with NTETS that it is practically a seller's market. 
  
Places like Murrieta and Corona have 20 or more bids on each property, so thinking it is only happening in Las Vegas or Orange County is extremely naive.
  
We are cash buyers, and we are getting overbid on properties left and right.  It is an insane market. 
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October 07
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Caleb Yamanaka, "CHUTTA"

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NTETS,

I would disagree that its practically a Seller's Market.  I think you are referring to maybe what's happening in Las Vegas and Orange County, CA in regards to multiple offers on Lower End REO properties.

I think that is not the norm and Buyer's are still in the drivers seat.  For example the Las Vegas low end Buyers appear to be mostly investor types.  I have heard of Buyer's from Taiwan and Germany in the LV market buying substantially.  With these types of Buyer's its not a matter of Agents or NAR saying "its a great time to buy".  


Today's market is neither the worst market ever nor could you say its the best market ever.  Its a market with opportunity to make good buys as well as the opportunity make bad buys.  

Residential in my little town is extremely active.  Whether we like it or not, the $8,000 credit is a factor and First Time Homebuyer's on the fence are making the decision to buy now (to close in time for the credit).  Two homes that I recently listed, were listed to take advantage of the uptick in activity that will probably die down in 3-4 weeks.  While the property still has to be priced right, there is definite activity.  One of those homes went into escrow within a couple days which is fairly fast here.  
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October 07
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NTETS, "Caveat Emptor"

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dont know whats so shocking... anyone who qualifies for the tax credit AND was planning to buy in the next 2 years is being pushed to buy this month as opposed to next year. demand will fall off and foreclosures will keep rolling in, this is absolutely the worst market to be in since 2008, its practically a seller's market. i doubt you will see this kind of stupidity at all next year.


keep making reasonable offers, dont overpay because other people dont understand basic financial sense.
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October 07
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Chris Carrara, "Chris Carrara"

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You are not alone. While the market is still soft, good buys are still getting snaped up quickly. I had many situations where my buyers have lost out on homes already under contract. But homes that are over priced for the market conditions or don't stand out among the competition stay on the market for a long time. Bottom line is, if your serious about buying and you find something you like, don't wait to make an offer becouse if you like it chances are pretty good someone else does to. All the best, Chris
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October 07
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Wayne Brown, "SDMortgagefinder.com"

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HB

Rob pretty much summed up what is happening out there right now.  Inventory on normal resales is very low.  REO's are low too with many people placing offers in what few are available.

As to why is anyones guess.  Banks are buried in an avalanch of foreclosures and short sales, along with modification requests.

REO's are slow to hit the market by the bank.

Good Luck
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October 07
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More market information is available here and the some specific market trends from a local agent here. According to the agent in the second link, multiple bids are common on short sales and lower priced properties under about 500K. Unfortunately, the local agent did not mention the number of months of supply available. It will be interesting to see what happens over the winter after the buyers credit expires and more economic indicators give some glimpse into the future direction of the market. 
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October 07
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Susanna Kunkel, "SusannaKunkel"

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Aloha,
In our market on Kauai, we have basically two realities.  There are the overpriced listings that aren't moving, then those that are either "distressed" (foreclosure or short sale), or priced similarly.  When properties are priced right, there are multiple offers.  Even on our small island, there are "mini" markets...each area has different demand and activity.  It helps tremendously to have a dedicated buyers agent who knows your local market, and can help you compete - maybe even get ahead of opportunities.  For instance, I'm working with some buyer clients on an offer to a seller who isn't on the market - they found the house on Craigslist :)

My buyers who hang in there and are willing to make multiple offers, end up with great opportunities - so please don't give up :)

With warm aloha,
Susanna
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October 07
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Rob Peterson, "OC Home Talk"

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Good question HB home buyer.  People are shocked when they find out how "hot" the market is right now.  No inventory is the key to what is going on.  The months of inventory levels are approaching record low's. Market Madness

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October 07
 

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