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what is the real estate market doing?

there seem to be no perfect answers to that question. the market has been very quiet recently and depending to whom you speak, the projections are that we will see a "recovery" in srping of 2009!!

that may or may not be true - the reality is that there are a lot of properties for sale - we have about 18 months inventory in Utah at the moment and i am seeing people put up For Sale By Owner signs every day!!

unless you are really really serious about selling and have a really good reason to do it - now IS NOT A GOOD TIME TO SELL!!! wait until the inventory we have sells off and the market recovers, putting your house on the market is making it worse for everybody!!

this may sound bleak - but we are all in this one together - our collective decisions will affect the time it takes to turn around - so please be cool and get some sound advice before you do anything

good luck with that!!

Posted by Tony du Preez on 09/14/2007 10:50 AM

Comments (8)

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8 Comments on what is the real estate market doing?

SEP

2007

This is a new perspective...at least to my ears...and it's refreshing.

The idea of "taking one for the team" and not putting your house up for sale unless you REALLY have to so that those who are in jeopardy of foreclosure may actually be able to sell theirs is a noble and respectable conclusion.

Those who are looking to simply "move up" are helping stagger the sale of other homes...put your "dream house" on hold for a few more months...or better yet...rent out the home you currently own to a rent-to-own candidate...buy the home you want to take advantage of today's excellent prices...and everybody WINS!!!!!!

It's good to hear someone thinking of somebody other than themselves...thanks Tony.

Tony,

That may be good advise for sellers in Utah. Here in South Florida, people are having trouble paying the flood/insurances in general, and the property taxes are out of control here. One friend of mine has a mortgage payment of only $550. a month. Has owned the house for 6 years. His total payment per month is over $1300.00. He is retired and on a limited income and really has no choice as to when he lists his house. Many, many, many other people are in the same situation here.

The other issue is the 2005 buying frenzie has left many people in trouble - many of the people in trouble are agents themselves that bought lots of properties during the "frenzie" thinking they would flip easily and that didn't happen. More than a few condo/home foreclosures are agents themselves.

In my opinion, most people are selling out of desperation, not b/c they can pick and choose when to list...as I said, just my opinion on what I see as the sad situation here in South Florida.

Robert,

Good alternative view point.

I think it depends on where the property is located. It also depends on how much equity a seller may have in the property -- in So. New Hampshire if properties are priced appropriately for the condition and location, they will sell in a matter of weeks.

hi guys

some good comments - thanks - the houses to which i am referring are mostly in utah county - that is where i live and work (a lot right now) and, while there is an element of desparation, it seems not to be the over riding factor here - i think that people are scared they may "lose out" and are trying to sell before the market "crashes"

it is that type of frenzy that has created the problem in the first place - at least here

good luck you guys

I agree- too many homes are on the market right now- this hurts those who *have* to sell. However- Even in this market I'm seeing some homes sell that I would have thought would languish.

man, i really wish i could say that - we have some listings that really "cheap" and nothing, but nothing is happening and i have tried everything that i can think of - and continue to do so to get them sold - so if anyone has some bright ideas - i would love to hear them

MAR

2008

Some our appraiser in Uintah County have advised us not to panic and sell way too low . It just hurts when our only problem is a high volume of extra higher priced properties that have been built. The lower priced houses are still in demand for first time and lower priced buyers.

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