February Was a Difficult Month For Real Estate

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781

February was a difficult month for real estate.  February is usually better than January, this year it was not.  In fact, DataQuick reported Orange County home sales fell when compared to January and to a year ago. 

Oops there is a problem.  I really thought that the market was moving well and we were coming out of the problems.  The kind of early year down turn is rare.  It is a worrisome trend if it goes forward into our real estate season. 

February was not good for builders across the state either.  The Commerce Department statistics show construction falling 22 percent in one month January to February.  It is the second slowest going back 50 years.  Building permits fell 8.1 percent.

What does that mean to all of us.  Buyers you have the upper hand in the market.  Few are buying and inventory is up.  Seller's you should adjust your price down to grab a seller.  Real Estate agents we must know what is going on to advise our clients on the condition of the market.

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Topic:
Real Estate Market Trends
Location:
California Orange County Mission Viejo
Groups:
Realtors®
Agents who want REFERRALS!
Posts to Localism
Orange County Real Estate
Outside Blogs
Tags:
market conditions

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Rainer
209,593
Dennis Duvernay Broker/Owner
Hillview Realty - Northbridge, MA

Just another good reason for buyers to jump in and purchase a home...come on, lets go buyers...

Mar 20, 2011 08:13 AM #1
Rainer
93,321
Tamara Schuster
Naperville Glen Ellyn Lisle Plainfield Wheaton Illinois - Naperville, IL
Realtor Broker - Naperville

Hi! February was a little slow around the western suburbs if Chicago however we are busy now but our inventory is low so now is the time to list!  We need more homes for our buyers.

Mar 20, 2011 08:23 AM #2
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Dennis

Go buyer jump on this market it is yours.

Mar 20, 2011 08:35 AM #3
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Glad to here you are in a low inventory place.  That is positive for the market Our inventory is growing.

Mar 20, 2011 08:37 AM #4
Rainmaker
334,886
Art Welch
Superstars Realty - Buckeye, AZ
Broker

Tim,  I spent the last weekend with the President of RealtyTrac and the Executives of Green River Capital Asset Management.  The numbers out of RealtyTrac look poor for CA.  It appears that due to the foreclosure laws in California, foreclosures are way behind states like Nevada and Arizona.  Your REO pipeline has a huge clog.  The forcast is a continued drop in pricing over the next 18 months.  The best bet for all is getting seller's losing their homes to do short sales.  Pricing in Arizona has bottomed at per 2001 yes 10 years ago pricing!!!

Mar 22, 2011 10:36 AM #5
Rainmaker
1,022,697
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Art

I do a lot of BPO and have seen that skyrocket up in the number requested.

Mar 25, 2011 02:46 AM #6
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Rainmaker
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Tim Lorenz

949 874-2247
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