Yesterday, as I was paying for my gas at an Exxon station, I happened to glance at the issue of the Houston Chronicle only to see this printed in bold as a front page story. I thought I must have missed something since I am part of the Houston Real Estate market and I have not seen this slump discussed in this article. When I got done reading the story, I was disgusted at the "cheap trick" of selling newspapers by spreading fear over a local housing market that is one of the best in the country.
Prudential Zack - Long Beach Township, NJ
Century 21 Birchwood Realty, Inc. - Cape Coral, FL
Cape Coral & SW Florida
Hi Erion
I am in Florida and I just heard this morning how bad your market is getting. I was in a local store where I know the owner very well. During our discussion of the local markets she mentioned how even your market is now being effected. I blame negative media for the situation most of the country is in. It's a shame that as a society our media takes freedom of speech to only be "speak the negative".
Oct 18, 2007 07:19 AM
Results Realty - Spring, TX
Spring TX Real Estate E-Pro
Erion, we quit taking the Chronicle quite a number of years ago and have not missed it one little bit. I don't even remember exactly what they wrote that made me mad. I was getting tired of the spin and one particular article set me off. You have just re-confirmed that decision. I can get my news online without all the spin.
Oct 18, 2007 10:51 AM
Anonymous
The Houston housing market is in a terrible slump, and will assuredly get worse. No surprise there. The housing market was a runaway market for a long time, and now it is cycling down. Nearly all of the speculators (investors) have pulled out, loans are much harder to get (or more normal), and prices are being slashed. Condos are very hard to sell at any price. Too much was built, and there is a glut of units, especially w/ the speculators gone. Only a realtor could look at all this and deny there is a serious and long term slump in the market. Great for buyers, lousy for sellers, and we better get used to it because it will be w/ us for years. Steve.
Oct 22, 2007 08:49 AM
#4
Signature Real Estate - Houston, TX
Houston Real Estate Broker
Steve
With all due respect, you don't know what you are talking about. The Houston Real Estate market is one of the healthiest in the country. You obviously have no clue about this market since it never was a "runaway market". Our property values have been growing at 4-6% annually - Hardly a runaway market if you consider that certain parts of California were growing at 20%+ during the same period. At this time, property values are still growing (while other markets are declining), Days on Market are at 79 (up from 76 a year ago). I don't know which rock you have been sleeping under, but you certainly need to do a little more homework.
Oct 23, 2007 04:49 AM
RE/MAX Executive - Crofton, MD
www.webberteam.com
I've noticed that most of the negative comments by posters only have a first name and are not connected to a blog. Hmmm..... a shame they can post annonymously because if they had to say who they really were, they probably would think before typing.
And yes, the media is continuing the problem in many areas because all that matters is perception. If buyer perceive that the market is down or going down, they are going to want to wait until prices are at the "bottom" as no one wants to buy "high" and pay too much. I'm pretty sure that prices are about as low as they are going to go in my market but some buyers still don't believe it. If the media ever gets more upbeat, I'm predicting a lot of pent up demand.
Oct 27, 2007 02:04 PM
Anonymous
I found this blog while searching for local news and data on my real estate market. What I've noticed about real estate reporting is that coverage always reports on data from the 20 largest metro markets. Just listen toward the end of the next negative report and notice the source of the report if they give it. And most of the reports I read or hear give special emphasis to Orlando, FLA. No one seems to question this methodology. Most reports also focus on new construction. I have made my career in real estate without having much to do with new construction. In short, I haven't heard any credible reporting that talks about real estate in a way that is recognizable to me. I'm sure many of you have had similar reactions. Do any of you know of any good and credible regional or town-specific reporting. My local news only echos national headlines. I recently read good news about sales in Pennsylvania and rising sales in parts of the mid-west. NAR says we have already seen a 2% increase over last year's sales. If the papers catch on to this the headline will not be, "Improving Home Sales Spreading?" or "Preferred Narrative in Danger." It will more likely read, Housing Bubble Returning, Beneficiary Obama or McCain?
Jul 02, 2008 08:02 AM
#7
Rainer
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Erion Shehaj
Houston Real Estate Broker
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