How many of you have certainty about the market direction right now?

By
Real Estate Agent with Asset Realty Group

This is my first blog entry, so just testing the water a bit!  We are so lucky to be part of a healthy market here in the Greater Seattle marketplace, we are thankful to be sure.  How many of you are willing to predict that we are going to come out of this anemic phase of sales by summer?  Or will it be by election time that we will be well on our way to a new balanced market?  Are prices going to fall further, or stabilize, and when?  Personally, I think things are going to get tougher for the next four to six months before we see a period of stabilization and recovery.  Who among you has an opinion you are willing to share?  Thanks for your comments. 

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Anonymous
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Welcome!  I have recieved SO many leads from blogging  :)  Keep it up...it's kinda a pain to do, but pays well.  Have a great night!
Mar 28, 2008 10:52 PM #1
Rainmaker
536,364
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Richard,

Ditto on the welcome to AR. It's a fun, informative and interesting place.

As for the market, sounds to me like you're fortunate to be is such a great place. IMHO, for the most of the U.S. we've got a way to go at this point. I've thought 2008 is the water-shed year, more some hanging on, yet others will not. It appears that our NOD #'s continue to grow, so we've got a way to go before we see light at the end of this tunnel.

With that said, I also think it's a good time to buy, I'm planning on it myself. Just got pre-qual'd today for an upcoming auction. It may not be bottom, yet acceptable to me, good prices great rates.

Mar 28, 2008 10:59 PM #2
Rainer
88,117
Bill Byrd
Byrd Realty Inc. - Virginia Beach, VA
Virginia Beach Real Estate

Welcome Richard

Over here on the "right coast" things are exciting! Everyday someone is making a ton of money and someone is losing their shirt. In 21 years of selling real estate in my area of Viginia Beach I have never had so much fun. Boy is this market something...low offer's, foreclosures, short sales, bankruptcy you name it we've got it! But...the best part...is if you've got some money you can make some great deals! We have lots of buyers and sellers but most of the sellers don't realize the buyers aren't buying their prices! The flippers are loving it because if they can buy right they can use the unrealistic sellers to help them get a higher price than they would if those sellers would just price right! Cool market! We are going down a little more from here but I don't see a fast recovery to the "stupid market" we just came out of. Thank god!

Mar 28, 2008 11:01 PM #3
Rainer
33,623
Brian Luce
Weidel Realtors Doylestown - New Hope, PA
Associate Broker
Commercial Market is going strong here.  Residential is still "not too bad".  Appreciation is only about 1% over last year as an average but at least it's appreciation..  We'll manage.
Mar 28, 2008 11:03 PM #4
Rainer
16,377
Renee Busse
Tennessee Realty - Dyersburg, TN
ABR,ePRO Dyer Co. TN Real Estate

Welcome to AR Richard. You have an interesting first blog.

IMHO I think our market in Northwest TN is healthy. It is slower, but prices have not taken a nosedive as we did not have the rapid appreciation that the other markets "enjoyed". A lot of subprime loans are set to adjust so I think we will see our fair share of foreclosures into the first quarter of 2009. That being said I don't think we are at the bottom yet; prices are good, and it is a great time to buy.

Mar 29, 2008 12:19 AM #5
Rainer
43,422
Richard Willard
Asset Realty Group - Bellevue, WA
Richard Delane Willard

Today is day four after the jarring Monday annoucement that Indy Mac Bank was taken over by the Feds, and that Fannie Mae and Freddie Mac have been extended credit by the Feds to bolster their balance sheet.  With the news getting worse, I have to think that we may be in for a flat to down market for at least the balance of the year.  Prices are still adjusting downward here, but when good properties are priced right, they sell fast.  I just listed a property for $835,000 in popular Clyde Hill, and it sold in three days on market full price.  This was a 1955 rambler that is on a street in transition where homes just built are being offered at $3 million.  The buyer plans to rent the home for several years and then tear it down and build new! 

I think smart sellers are either deferring to make their selling decision later in a better market, or if they have to sell now, they are pricing below their competition, and looking at interest rate buy-downs to help with buyer financing and supported buyer closing costs.  What are you seeing in your market? 

Jul 17, 2008 03:44 PM #6
Rainer
43,422
Richard Willard
Asset Realty Group - Bellevue, WA
Richard Delane Willard

Hi friends,  Today was the failure of the House of Representatives to approve the $700 billion bailout package and the dow lost 777 points, the largest loss in the history of the Dow Jones.  What are we seeing here in the grand Pacific Northwest, Greater Seattle marketplace?  Our condominium market is overbuilt, based on urban living projections of all the technology folks going into the plethora of office buildings pre-leased here by Microsoft and Google and others.  The construction boom is over, the prices are soft, foreclosures (once unheard of in West Bellevue) are popping up all over!  There are still all cash sales happening, mostly in the higher price ranges, but the middle market is weak, the first time buyers are scared to death, and so we wait.  Three months ago I turned down a $925,000 verbal offer on a property I owned that I had priced at $1,150,000.  Today is day 108 in market time, and my price rollbacks now have me priced at $928,000.  That is how fast our market has changed.  We have seen an explosion in the numbers of properties offered for rent.  Craigslist is the most often preferred site for people looking to rent.  I am also offering my property for rent, to defer to a later time.  So, staying power is a must, nerves of steel and market knowledge are the morning vitamins, and lots of calls to stay in business.  Whats happening in your area? 

Sep 29, 2008 06:09 PM #7
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Rainer
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Richard Willard

Richard Delane Willard
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