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Thread: How is the R/E market doing by you?

  1. #1
    totenhosen
    Things are dead out my way. Inventory just keeps building, days on market increasing, pricers dropping.
    Seems the infamous Gary Watts has reduced his 20% gain for OC in 2006.

  2. #2
    cdog
    While thing's have slowed quite a bit compared to years past, homes are still selling if their priced right. I've cleared my entire SFR inventory this year and just picked up 2 more listings that will go into Mls on Monday. If your home is not selling it's over priced. The laws of supply and demand. Demand has faded creating a buyers market. If anyone was waiting to sell at the top, you missed it last year.
    My company report:
    For sellers, it is time for a “gut check”: price accordingly for a Fall and Holiday market, or DO NOT SELL. We are about to enter the Fall market, where demand for homes diminishes and more and more sellers pull their homes off of the market. At 16,006 homes, the Orange County inventory has nearly finished its gigantic 2006 growth spurt. There are 8,763 additional homes on the market today compared to January 1st of this year. In the past 2 weeks, the inventory grew by only 131 homes. But, it is surprising that homes are still coming on the market at a faster pace than they are coming off. The number of homes placed into escrow has risen from the incredibly slow July numbers. There were 2,357 homes placed into escrow within the prior 30 days; that’s 225 additional homes compared to July 13th. As the inventory has slowed its climb and more homes are placed into escrow, market time has dropped slightly from 7.2 months on July 13th to 6.79 months today. Over the past two weeks, market time only dropped from 6.81 months to 6.79 months. As more sellers recall that, cyclically, the Fall and Holiday market are not the best times to sell, the number of homes that are pulled off the market will reach numbers not seen in quite some time. All ranges above $750,000 are within the definition of a buyer’s market. All ranges above $1.5 million are above the 10 month mark. There is virtually NO difference in market time between attached homes (6.79 months for condominiums and townhomes) and detached homes (6.78 months). BUT, the market time for attached homes within the $500,000 to $750,000 range is 7.91 months. Above $750,000, the market time for attached homes is 11.3 months. Today’s market is not for the light hearted. For the best approach and strategy to capitalize on the market, buyers and sellers must turn to the expertise of their real estate agent. How should a seller approach the market? It is quite simple; a homeowner should not place their home on the market unless they are motivated to sell. Sellers that are currently on the market and do not have legitimate reasons to sell and are not motivated should pull their homes off the market IMMEDIATELY and enjoy the seasons, relaxing in their Southern California homes. After four to six months on the market, many sellers understand the big picture; it does not matter what price a seller would like to get for their home, they are only going to achieve a realistic market value. How should a Buyer approach the market? Great news, rates have fallen in recent weeks as the Federal Reserve paused its string of rate hikes. It is unclear whether Bernanke, the new Federal Reserve Board Chairman, and the rest of the board are going to raise rates again or continue to hold. If rates are increased, affordability drops. After eight years, it’s the buyer’s turn. There are so many homes to choose from and sellers are more realistic today than they were just a few months ago.

  3. #3
    FREIND OF AA AND TA
    Things are dead out my way. Inventory just keeps building, days on market increasing, pricers dropping.
    Seems the infamous Gary Watts has reduced his 20% gain for OC in 2006.
    Same in SCV but they will sell if they are priced right. I have sold 6 houses this week. Yep they were all great deals for sure.

  4. #4
    YeLLowBoaT
    Prices are droping droping a 2-5k a week here. I have not seen a home sale for its asking price in awhile. Just about every sign has "price reduced" or "new price". IMO they are still about asking about 15-25% more then they are worth. I have also heard form some ppl working in the "plan approval" office that almost no major remodel work is going on.( atleast no permits are geting pulled.)

  5. #5
    HocusPocus
    im no real estate expert by any means, im just going by what im seeing around me . seems a lot of the homeowners i personally know who are selling are still trying to get last years prices for their homes and then wondering why its staying on the market so long. Im seeing more and more "for sale" signs in front of homes, last year they were only up a short time before being sold. i also know people who paid top dollar for their homes last year using one of the "creative" financing deals and are now trying to get out of it, with no luck. i know some people are getting screwed but they really did it to themselves. :crossx:

  6. #6
    cdog
    im no real estate expert by any means, im just going by what im seeing around me . seems a lot of the homeowners i personally know who are selling are still trying to get last years prices for their homes and then wondering why its staying on the market so long. Im seeing more and more "for sale" signs in front of homes, last year they were only up a short time before being sold. i also know people who paid top dollar for their homes last year using one of the "creative" financing deals and are now trying to get out of it, with no luck. i know some people are getting screwed but they really did it to themselves. :crossx:
    Yep!
    Supply and Demand....... :boxed:

  7. #7
    KREGER
    I have been fortunate to have been able to use a Refinancing program we have for my clients that goes to 100% on one loan with no MI. It has helped some folks that little or no equity get out of their 80/20 purchase loans that have a short term fixed rate. They mostly use the 40 year fixed with a 10 year interest only option. It gives them a long term fixed rate with a low payment option. It is not for eveyone but I have helped several.

  8. #8
    OutCole'd
    Market in Vegas is real flat, no activity that I can see.

  9. #9
    Partycattin
    Things have slowed down in Simi as well. There are 4 houses on my street that have been on the market for months. Neighbor just reduced theirs by 45k. (Still overpriced IMO).
    I think the media scared a lot of people into putting their house up and cashing in. This created to much supply. It seems to me that the best thing people could do to keep prices up is pull their house off the market. Supply is reduced and demand increased.
    Curious, anyone know the # of new listings YTD compared to last year? It seems that a lot of people I know that weren't even considering selling, suddenly listed their homes after hearing the media tell everyone that the market was going to take a hit this year.
    So IMO, it's the medias fault.

  10. #10
    phebus
    I am so thankfull to have sold our home and relocated when we did.

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