It's Here - The Recession is Over! Now What . . .

By
Real Estate Agent with Coldwell Banker Residential Brokerage CalBRE #01165532

Brian Summerfield, Online Editor, REALTOR® Magazine writes that there are some that say the recession is over or in his words ovuh.   In his latest article(see link) he notes this is not a new trend but quotes one of most bearish commentators and coins a new(to me) term - zombie bears - who stake their reputation on the continuing downturn.  Ah, yes, good news doesn't sell newspapers or get televison ratings.

So what does this mean to us?  How often do we hear this question or related queries by sellers and buyers alike?  When will the housing market hit bottom?  If I buy today, am I buying at the bottom?  If I sell, am I leaving money on the table?   Sure we have data to share but the point I try to make with clients is that there is no crystal ball(well, I have one but it's currently on a recall list so I prefer not to use it).   Let's look at situation that's closest to you - how long do you plan to stay in your new home?   If you don't sell now - what will you do?   By asking questions - you learn more about your client and their needs.  Maybe just maybe, they can come to a conclusion themselves with some careful questions by you.    More on this later . . . What do you think?

Here's the link to the article

http://speakingofrealestate.blogs.realtor.org/2010/11/24/this-recession-is-o-vah-%E2%80%98zombie-bears%E2%80%99-edition/

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Rainmaker
152,098
Kathy Knight
Intracoastal Realty Corp - Wilmington, NC
BROKER, ABR, CRS, GRI, SFR, Wilmington NC Homes and Beach Homes

Many say we won't hit bottom until 2011 or 2012... It is a crapshoot....hard to say.... wish i actually knew...

Nov 25, 2010 03:08 PM #1
Rainmaker
333,984
Eric Kodner
Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes - Minnetonka, MN
Wayzata Lakes Realty: Twin Cities, Madeline Island

Some folks who claim to know when we've hit bottom wouldn't know what the bottom was, even if an economics expert walked up and bit them on their bottom.

I hope I've made that perfectly clear..

Nov 25, 2010 03:15 PM #2
Rainmaker
831,868
Jeffrey DiMuria 321.223.6253 www.SpaceCoastHomesNow.com
Fontaine Property Group - Melbourne, FL
Your Space Coast Real Estate Expert!

I do think the technical recession is over....but with congress talking about taking away mortgage deductability....we may find these are the good old days.

Nov 25, 2010 03:30 PM #3
Rainmaker
1,026,719
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
PasadenaCA Real Estate Representation 818.516.4393

@Kathy - thanks for your comment - I wish someone really knew.

@Eric - great comment.  You know what they say about opinions there just like.....anyway, Happy Thanksgiving.

@Jeffrey - you bring up a good point.  The incoming Congress has a lot on their plate - should be an interesting session.  Thanks for you comment.

Nov 25, 2010 03:33 PM #4
Rainer
143,700
Victor Zuniga
Berkshire Hathaway Home Services California Properties - San Diego, CA

I'm not sure that's all accurate. Job loses are still going strong while job creation is lagging behind.

Nov 26, 2010 12:01 AM #5
Ambassador
826,307
Fred Griffin
Frederick Griffin, Licensed Real Estate Broker - Tallahassee, FL
Licensed Real Estate Broker

The largest tax increases in U.S. History take effect on January 1, 2011.

Unemployment Benefits run out for millions of Americans in coming months.

Speaking of Unemployment, MORE jobs are going away, and more Industries, Factories, and Manufacturers will close in 2011. 

The amount of Inventory in many markets is increasing.  And then there is that "Shadow Inventory".

NAR and Realtor Magazine and NAR Hack Lawrence Yun have to put a Positive Spin on things - it's their job.

But face reality - the American Economy is in deep trouble.

Nov 26, 2010 12:31 AM #6
Rainmaker
1,026,719
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
PasadenaCA Real Estate Representation 818.516.4393

@Victor - I agree that job creation is important/crucial to any recovery.

@Fred - the incoming Congress certainly will have a lot on its plate.  Wish them (and all of us) lots of luck and success.

Nov 26, 2010 07:26 AM #7
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Rainmaker
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Michael Jacobs

PasadenaCA Real Estate Representation 818.516.4393
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