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Real Estate Markets Post Elections

I was curious how all the real estate markets have been doing since the elections. I want to seperate hype from fact. This is not a political question, but a real estate volume of business question. Where are the buyers? Are agents that were doing bus tours of forclosed homes still doing so? I have personally noticed that inquiries have all but ceased. Some of this is seasonal and not so abnormal for this time of year, but I also feel the slower buyer traffic is due to the gyrations of the stock market, the fear of layoffs etc. This prolonged drought of sales will further cause prices to plunge much lower. In the past month I have also noticed the upper end markets and even foreclosure sales have slowed dramatically.

When you think about it, interest rates are incredibe right now for qualified buyers...sellers are willing to negotiate big time....and prices are way off their peak. So where are the buyers?

For my friends in the mortgage business...are you seeing a major uptick in refinancing or purchase mortgages? I am curious to hear the current trends.

What are you seeing in your real estate markets? What trends are you seeing?

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Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 12/04/2008 09:10 AM

Comments (27)

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real estate sales, real estate trends, sales, real estate, unemployment, layoffs, interest rates

Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Real Estate Markets Post Elections

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27 Comments on Real Estate Markets Post Elections

DEC

2008

Jim:

The phone is ringing and e-mails are coming in. I've had several showings and a couple off offers on the table, but it is slower than normal. Of course, I just got back in town and it will be at least a few more days before I start lighting the world on fire! ;)

It feels slow to me, but I did show property last night and wrote an offer yesterday (2 different buyers), so perhaps buyers are starting to take notice of the LOW LOW interest rates, seller incentives, and great prices (at least in our area)

Hampton Roads VA real Estate...

Phone and e-mail inquiries are still coming in mostly for foreclosure deals.... buyers are still a little apprehensive with the ecomony... but now is the time to buy... rates are great and home owners are talking...

Hi Jim

I believe that the election has not helped the real estate market the marekt was in recovery before the election.

Good luck and success

Lou Ludwig

Hey Jim,

I have seen here an uptick of activity. To fully assess the market though I think just as when George Bush Senior left office it took about 6 months fully to see dramatic change.

This time around I wonder if we will hold in that pattern or not. Last time there was no collapse of the banking industry, many of the jobs had not been shipped over seas at that time so people were just out of work with jobs to come back to.

Jim - The reality is that it had slow down for us here in Montana. The only time the phone ring is agent are asking about how business is doing for us. The e-mail came to a slow down, the only time I heard from buyers is that they are not ready to buy until they see a change in the economy.

Hi Jim, My area still has quite a few "investors" looking but they are all lowballing. We had an increase in sales last couple of months with a big reduction in prices. First time buyers are no where to be found, due, in my opinion, to lack of jobs, expenses in this economy, fear, etc. I expect this to continue at least until late 2009 and early 2010. I do think that when we actually have a new President in office and see changes, that the people will come back out. Yes it's a good time to buy, but not if your future is uncertain!! And whose future is certain right now?

I have a page on my web site that lists the average sales by the various school districts here. I just updated it with Nov numbers about an hour ago. There were fewer homes sold than in Oct but that's to be expected. The average prices, however, changed very little and that's been the case here for the past few months.

I've had phone calls on certain listings ... non on others. A few of the calls have been inquiring if the sellers would do a lease/purchase. (NO) I noticed the Realtor.com traffic spiked last week on all my listings, but so far that hasn't transferred into showings. It's cold & wintery here and not "fun" to go out to view homes.

Last night on the news, they reported that the Columbus economy is still doing OK ... we often do better than the rest of Ohio because it's more diverse here. I do believe people are nervous simply because of what they hear in the national media.

What are you seeing in your real estate markets? What trends are you seeing?

Hi Jim,

It varies from state to state, and even from city to city. My clients in FL are mostly reporting increased buyer activity, including more international buyers. However, my clients in NC and SC tell me their states have slowed down. Here in CA we've seen substantial price drops in many areas which is now driving increased sales activity. I researched one city this morning for a client where home prices are DOWN roughly 40% compared to 2007 but the buying activity is UP over 300%.

Also, several clients have mentioned an increase in the number of cash buyers. Some investors got tired of the gyrations and pulled their money out of the stock market. Now they're looking at quality real estate. I think that's a smart long-term move.

Respectfully,

Bruce

Jim,

MOrtgage business is slow, as it has been for a while, kind of steady slow. First-time buyers and renters are making a bit of a move in Vegas due to the rock-bottom prices we see here now. They are smelling opportunity.

Griffin Georgia Real Estate - Jessica Wynn Horton (Jessica Horton & Assoc.) Go get em Jessica! Welcome back!

Jim there is some activity around my area but it is slow. Prices haven't come down near as much as other areas.

Hampton Roads VA real Estate... Thanks for the update.

Caron's Gateway Real Estate Maybe the lower rates will get the buyers back out again.

Lou Ludwig CRB, CRS, CIPS, GRI, SRES, TRC, e-PRO, (Ludwig & Associates) I only used the election as a reference of time, but it is much slower in my opinion post election.

Downtown Portland Real Estate Broker~Herb Hamilton (RE/MAX Preferred Inc. Realtors) Thanks Herb, I think this is more of an epic event. I was listening to a breakdown of the unfolding events. This was interesting - this is more of a perfect storm. Business cycles are 18 - 20 years, commodities are 40 year events. This was like 4 or 5 meteors hitting the earth at the same time.

Cheryl Frei - Realtor® & e-Pro Certified Realtor® (Diamond Realtors - Absarokee, Montana) That is what is happening here in Atlanta. The only calls are agents. Buyers want to see signs of an uptick.

Karen Hurst ~ Real Estate Broker ~ Warwick ~ Rhode Island (Storm Realty LLC) I am one of those persons that beleive that things will slowly but steadiy improve with Obama.

Elaine Reese, REALTOR® in central Ohio (Real Living HER, Worthington Ohio) We are getting loads of those lease purchase inquiries. So annoying. It is not so much the press is negative, there is a lot of bad news right now,a nd it is overwhelming the consumer with fear and uncertainty.

Not Yet Licensed Thanks

Esko Kiuru - Las Vegas NV Mortgage Consultant (Sinifox Financial) I think thre are some great opportunities right now due to the lack of buyers.

Jim,

We are seeing a little bit of a spurt but lets see how long it lasts...I'm positive and fairly busy but I'm not sure banks are ready to cooperate like they say they are.

Jim,

Unfortunately we will not all see the upturn when we wake up tomorrow...some areas have already seen it...some will see it soon...some will not see it for some time yet!!! That's how it has worked in the past!!! Thanks, Fran

Since the election most buyers holding off are finally moving forward. During October I found myself saying "I can't wait until this election is over!!"

Neal Bloom-Realtor ® Assoc.-CRS-Weston FL (RE/MAX Premier Associates) Thanks Neal. Atlanta is declining big time.

Fran 'The Title Man' Gaspari Title Insurance-PA & NJ (Patriot Land Transfer, Inc.) I agree. I do see in some areas, the banks are loosening up on prices.

Colleen Cooley, CRS - Jupiter Florida Realtor (Seacrest Florida Properties) I am very happy the elections are over. I may not be happy with the results, but will concede the win. I wish the new president all the best.

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