Real Estate Prices - Up or Down?

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Real Estate Agent with License # 01767321 BRE# 01767321

Real Estate Prices - Up or Down?

Okay, so you all know how I try and stay on top of the real estate news whether it be local or national.  And here is a great example of WHY real estate is local... extremely local.

This article came up on my Twitter feed this morning.  The gentleman in it, Gary Shilling, states that he expects real estate prices to plummet at least 20% more from this point forward.  Interesting, because in this other article I was reading in Bloomberg, it says that housing markets are starting to stabilize.  Can they both be correct?

up and down graph

The short answer is yes they can both be correct.  Some areas are experiencing a shortage of homes for sale, such as Las Vegas.  They have had an influx of buyers who came in and gobbled up quite a bit of the inventory, leaving the late comers to scrounge for what was left.  This means the area would stabilize and prices may have started to even go higher as there is such a demand.  

Other areas such as our local Inland Empire here in SoCal are not in such good shape.  There is still quite an excess of inventory (homes for sale) and therefore in some neighborhoods the prices are still dropping.  And in this particular area, it varies not even city to city, but neighborhood to neighborhood.  Thus proving that real estate is local.

And with this demonstration, it just goes to show you that it is imperative you hire a local expert to be your Realtor.  You need someone who not only knows the area and the pricing trends for a smooth negotiation, but also knows the schools, the events and the community so they can share this wisdom with you.  It truly matters.

I try to stay on top of the communities I serve and be a local expert for all of them.  So if you are interested in buying or selling a home, or if you simply have real estate questions, please feel free to contact me.  I will be more than happy to assist you!

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Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.

Warmest Regards,

Linda K. Mayer, Realtor, SRES

License # 01767321

A Realtor you can Trust!

(626) 824-8927 Cell

LindaKMayer@live.com 

 

 

 

 

 

 

 

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Rainmaker
360,495
MaryKay Shumway
Coldwell Banker The Real Estate Group Door County - Sister Bay, WI
Door County WI Property Consultant

Nice post!  Everyone should hire a local expert.  Hard to deal with national picture when our different pockets of the nation are so unique.  Thanks for writing!

May 14, 2012 12:17 PM #1
Rainmaker
335,413
John Juarez
Prudential California Realty - Fremont, CA
CDPE, ePRO, SRES, GRI, PMN

Linda,

You are so right!

If you were a buyer moving from the Inland Empire to the San Francisco Bay Area you would experience a type of sticker shock that would cause you shock and confusion. While all of your friends and experts from the area that you left would have been telling you about the buyer’s market that is in existence there you would be unprepared for the strong seller’s market in most of the Bay Area cities. Multiple offers and paying over asking are the rule, not the exception in the SF Bay Area.

May 14, 2012 12:18 PM #2
Rainer
21,693
Dave Kohl
First In Promotions - Chicago, IL
Real Estate Advertising & Marketing Expert

These conflicting stories show how home sales statistics are overused. People are not looking to buy or sell based on statistics from a month or a year ago. They have their reason(s) for wanting to change as soon as possible. The majority of these statistics appear to scare off many potential buyers, putting the fear into them that their investment will not grow over the following few years.

 

Instead of reporting that "823 homes sold last month in (name of city), compared with 1,223 the month before", only report that "823 homes sold just last month in (name of city)", and make it sound impressive.

 

That the "experts" don't always agree is more cause for alarm for the consumers.

May 14, 2012 12:48 PM #3
Ambassador
293,551
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

And thank you, MaryKay for commenting.  Have a marvelous week!

May 14, 2012 12:49 PM #4
Ambassador
293,551
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

John, you would have sticker shock going from one end of the 120 corridor to the other - my local areas!  It's just crazy and now it's niched.

 

Dave:  I agree, you should do monthly reports as it matters more.  However, I have found that some of my clients also want the bigger picture to prove to themselves that they are getting a deal.

May 14, 2012 12:51 PM #5
Rainmaker
605,421
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Linda, I read a market report yesterday....same town, different zip codes....in California.  One was way up, the other struggling.  A line, a zipcode.  Same small town, different stories. 

*Yes,  I bought the boat lift, and, yes, she got something more appropriate.  Thanks for asking.

May 14, 2012 02:59 PM #6
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Linda K. Mayer

Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST
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