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Real Estate is on Sale!!

Has the real estate bubble burst? has everyone finally woke up and found out that real estate was overpriced and that buyers are being better represented, more educated and wont pay more!! Has all of the bad publicity caused buyers to be more cautious to wait until the supposed "bottom" to drop out of the market? Has the mortgage industry finally had to realign itself and get "Real" with the real estate market, our economy being in a recession and foreclosures littering the country, not offering 100% financing and all the cash back that buyers could ask for as long as you sign on the dotted line? what is your perspective? Real estate is cyclical of course so hopefully this is a good thing for everyone involved! I just hope it betters the real estate market for both buyers, sellers and agents as well!

Posted by Stephen D White, E-Pro, ABR Cape Cod Realtor® on 05/04/2008 02:21 PM

Comments (6)

real estate sale, cape cod, real estate agents, buyer representation

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6 Comments on Real Estate is on Sale!!

MAY

2008

Hi Stephen,

I don't think it was a real estate bubble as much as it was a mortgage or "easy money" bubble. We had it way too easy for way too long, and the "easy money train" has been derailed.

I do think that we have seen the bottom in terms of transaction activity. I think the bottom was in January/February. We began to see an increase in activity toward the end of February and it has been a very slow but consistent increase ever since.

I do not think we have seen the bottom in terms of price or valuation. I think we have about 12 months to go before we see the bottom in terms of price.

We are actually ramping up our 1031 exchange operation in ordre to increase our market share as the transaction volume continue to crawl back.

Just my two cents. Hope all is well.

While this might be the case - there are a lot of deals and historically prices are cheap. If my buyers like the house and they are comfortable with the payment - why not buy.

We are seeing very cautious buyers- Very educated through the internet, but still very apprehensive to take the next step.

Values increased based on supply and demand. Eventually it priced many people out of the market. Now prices are being reduce to make the properties more enticing. Wait a couple years, prices will rise again.But not as fast.

Yes thanks for your comments. We are seeing buyers more cautious and educated about what properties will be good investments in the future.

MAY

2008

My area has been fairly stable with only moderate price declines in some areas and up to 20% appreciation in other areas. We didn't see the huge price increases experienced by some areas of the country, so I'm hoping that things will continue to chug along.

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