Is Your Local Real Estate Market Hot or Cold?:

By
Commercial Real Estate Agent with RE/MAX LLEWELLYN REALTORS

In our local market here in the essex county the market has slowed down, most buyers coming to open houses  but majority are window shopping and looking for great bargain and large price reduction in the asking price.

Please feel free to comment if you are seeing the same slow or hot market in your areas , i think part of our problem is that most buyers are reluctant to come out when it is ni the heart of the cold wheather, but i could also be wrong because that is just part of the problem ,there may be other factors as well , interest rates ,and lots of unemployed people as well playing it safe.

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Rainer
136,319
Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

In the Detroit area the market is very challenging right now. Listings are up, sales and prices down. Foreclosures are up  quite a bit (our unemployment is very high).

As far as the cold weather we have here, I think it cuts down on the lookers but serious buyers will still be out there. 

February 16, 2007 11:51 AM #2
Rainer
65,966
Paul Anyanwu
RE/MAX LLEWELLYN REALTORS - West Orange, NJ
CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
Interesting comments thanks for your honest insights
February 16, 2007 11:53 AM #3
Rainer
33,192
Frank Helderle
RE/MAX Best Choice - Saint Louis, MO
Our current market has changed to a buyer opportunity market. With so many listings on the market today the buyers really have the choices. Laurie works as our buyers agent and has stayed very busy. Steve on the other hand as our sellers agent is always putting out fires.
February 16, 2007 04:15 PM #4
Rainmaker
58,200
Steven Teoh
Sotheby's International Realty - Beverly Hills, CA
Los Angeles & Beverly Hills, Sotheby's

In Houston, TX there is no slow or hot market. We have a steady grow on pricing, but still below national average.

Begin the 4th largest City, $147,000 median home price is roughly two-thirds of the national median price of $221,000.

 

 

February 16, 2007 04:30 PM #5
Anonymous
Anonymous
Anonymous
Austin is still doing well as a whole.  All the economists I read and the local agents I respect expect to see a pretty healthy market for the next 3 years.  Beyone that nobody will speculate, but my opinion is that we're in for a good ride for 5+ years (barring another 911).
February 16, 2007 05:06 PM #6
Rainmaker
162,978
Steve Mun
Keller Williams Realty - Cupertino, CA
Silicon Valley Realtor

In Silicon Valley, things are picking up steam again.  It was never really bad here compared to the rest of the country, but with the start of the year, we are seeing more and more multiple offers becoming the norm.  There just is not enough inventory of good homes.  Those that are good condition and in decent areas are getting multiple offers and into contract within 7-10 days.

Steve Mun, Silicon Valley Realtor
www.stevemun.com

 

February 16, 2007 05:11 PM #7
Rainer
69,274
Christopher & Bernadette Hurley
Go Hurley Group - Sugar Land, TX

Houston, Texas and more Specifically the #3 Best Place to Live Sugar Land, Texas is moving.

 Visit  www.sugarlandrelocation.com and let me know what you think

 

CH

February 18, 2007 04:48 PM #8
Rainer
64,690
Kelli Fronabarger
Bend River Realty Inc. - Bend, OR
Realtor - Bend Oregon
Bend, Oregon is starting to pick up again.  Some are holding out for the market to bottom, but I'm thinking we may have already adjusted. Not as busy as we were in 2005 (sales down 45% in Oct-06 compared to Oct-05). Lots of inventory but at least it's moving...albeit slowly. All of us here are lookng forward to a delightful Spring and Summer.
February 18, 2007 05:08 PM #9
Rainer
65,966
Paul Anyanwu
RE/MAX LLEWELLYN REALTORS - West Orange, NJ
CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
Thanks to all who has commented.
February 18, 2007 06:00 PM #10
Rainer
65,966
Paul Anyanwu
RE/MAX LLEWELLYN REALTORS - West Orange, NJ
CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
Very interesting to know what is happenning  in other cities.
February 18, 2007 06:03 PM #11
Anonymous
Anonymous
Anonymous

Ohio has only seen a 2% slow down from the year before which was a record year.  Northeast Ohio which is my market has been steadily picking up.  It also depends on the agent.  There are just as many agents that are slow that have been busy. Some cities are hotter than others but over all it has been a slow steady increase.  Rates are great, there is a lot of inventory the only reason buyers aren't coming out is becuase of the doom and gloom of the media.  If someone is going to buy a home now is the time.

February 18, 2007 11:50 PM #12
Rainmaker
368,611
Debbie Malone
Londeree's Real Estate & Property Management - Lynchburg, VA
From Lynchburg To The Lake (434) 546-0369
We're very fortunate to have a steady market here in Central Virginia. I just checked and there are 1246 properties currently listed on our MLS.  3000 homes sold in 2005, 2952 in 2006, not much of a downturn. I've had two closings this year, good properties are being snapped up in days. I wrote three offers in the last month and missed out on them by hours. (approximately 700 realtors in our association)
February 19, 2007 07:28 AM #13
Rainer
200,558
Eddy Martinez
Nationwide Funding Group - Highland Park, CA

In Feburary the metro los angeles area has been slow but it has been picking up. Prices have dipped significantly but people arent in a hurry to buy.

Eddy

February 20, 2007 03:19 PM #14
Rainmaker
842,709
Fred Carver-Top Realtor Victoria, BC
Re/Max Camosun Victoria BC Real Estate - Victoria, BC
Accredited Victoria BC Real Estate Consultant

Hi Paul,

 

In Victoria BC our Market was flat during the Fall up until this month, yes our inventory is up, but sales remain the same as last year, and now prices look like they are on the rise again, I was in a multiple offer last night, first time since 2005.

 

I love Referrals, and promise to look after your clients the same as I do my mine,

 

Have an awesome Year in 2007!

February 22, 2007 12:25 AM #15
Rainmaker
808,500
Gail Robinson
William Raveis Real Estate - Southport, CT
CRS, GRI, e-PRO Fairfield County, CT
Late Spring to the end of 2006 inventory in Fairfield County, Connecticut was rising and prices were falling, but buyers weren't buying.  Then all of a sudden, there was a buying spree.  I don't normally work with buyers, but there were so many great bargains, I was encouraging people to buy, very enthusiastically.  Two buyers were just looking and not planning to buy, but I was adamant that prices would be going up again and now they are.  Today I convinced a buyer to make an offer on one of the last few bargains (the property went BOMK).  I wish I had money to invest, there are some great buys right now and I see the market in my area turning upward again.
February 25, 2007 10:29 PM #16
Rainer
45,488
Teri B. Clark
http://www.teribclark.com - Sanford, NC
In a slow market, you HAVE to make your properties stand out above the others. The best way to do that is through home staging. Take a look at my blog (click here) to find out more about staging. Letting your clients know about the process and then following the process will make their homes more attractive to buyers, even if the market is slow. I would suggest that you even give out a brochure (or better yet, my book! :)) to help them know what to do and why! Hope this helps. 
February 27, 2007 07:43 AM #17
Rainer
70,970
Scott & Jennifer Bowman
Prudential Shimmering Sands Realty - Panama City, FL

I had my best month in a year this month. (Feb 07) Although the Panama City, Fl market has slowed down quite a bit, there are many people looking on the internet at homes, many are not ready to sign on the dotted line just yet. Not sure what its going to take, I think they are looking for the bottom of the market with many sellers offering incentives, they think they are going to get a deal. Some buyers are not giving the deals that the buyers are looking for.

Our market has been one of the quickest to adjust from the Real Estate Frenzy that we experienced over the past 2 years and with our new International airport being built the market has quite a bit of room to grow, however, taxes and insurance are killing many in our area. But the deals are out there especially in the condo market in Bay County. It is still one of the least expensive areas in Florida to purchase a home or investment property!

February 27, 2007 11:11 AM #18
Rainer
23,924
Edite Liepina-Lawrence
ERA Tradewind Real Estate - Longmont, CO
Hot or Cold? It is what you say it is, it's always hot for me :)
February 27, 2007 01:37 PM #19
Rainmaker
1,477,151
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert

 

 I asked a realtor just this morning how business way (on lovely Long Island). She said her company has seen an increase in listings lately and homes ARE selling....as long as people don't expect to get what they would have gotten last year for them.  Those that are more "realistic" about prices right now, are moving.

March 12, 2007 04:26 PM #20
Rainmaker
683,446
Kay Van Kampen
RE/MAX Broker, RE/MAX Solutions - Springfield, MO
RealtorĀ®, Springfield Mo Real Estate
I don't remember ever listing as many homes as I have this year.  The good thing is the market in the Springfield Missouri area is moving very well.  I know some agents are complaining that they don't have anything to do - but I'm swamped (it's a good thing).  I attribute a lot of it to working the website and reading all the information from Active Rain.
March 12, 2007 09:27 PM #21
Anonymous
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Rainer
65,966

Paul Anyanwu

CRS, SFR, Broker-Salesperson, Sales West Orange,NJ
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