It seems you can't turn on CNBC, CNN or any of the the major news outlets without hearing about the recession, no depression in real estate. I've two major beefs with this... first, they act as if there is one Real Estate market for the country, like there is one stock market, "Stocks fell today." Real Estate volume off 13%, and prices off 8% in 2006.
But is there one market, or many? I'd vote many. You can aggregate the totals to get a sketch of the entire market, But what does that tell anyone about Your market? In fact, if average prices fell 8%, could that not mean some fell 16% and others 0%. In fact it could, and I believe does.
For example the poster child for "Bubble" is Florida... to any Florida Real estate agents out there, did your prices go down only 8%, how about you living on Long Island?
In fact, in Charlotte prices rose 5%, and volume 14% over 2005. I am sure we are not alone, there are other rising markets. If you are out there let me know, we must fight back when we hear these claims on TV.
But every day, talking heads across this nation keep trying to talk us into a houseing recesion. Now we have the dramatic collapes in the subprime markets adding fuel to an already raging fire of foreclosures and alarm... If it keeps up, they may even talk us into a housing recession.
terry
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Terry,
You make some great points! Our market is strong, and even within a "market" there are probably smaller "markets" that differ quite a bit. I know of a few areas around Charlotte that are going through the roof!
That is a prime reason people need to work with a Realtor that knows the market and gives honest advice about their homebuying investment.
You other Realtors out there that read this... how is your local market doing?