How do you feel about the Real Estate Market Today?

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Real Estate Agent with Keller Williams Realty Consultants RB140270

WOW! Short Sales, Foreclosures, deed's in Leiu of, auctions, land contracts.

The market is definitely different today then it was just a few short years ago. There was a time when I would bet that most people didn't know what a "Short Sale" was. I use to make a joke that "You might be a Red Neck Realtor if...You thought a Short Sale is when a midget buys a home." I know not to fair to midgets. Sorry about that. I have a lot of "You might be a Red Neck Realtor if" jokes.

However today some of those jokes aren't quite as funny as they use to be.

In my market nearly 30% of all real estate saled are foreclosure sales. 30% and maybe more are Cash purchases. I personally have three or four "Short Sale" listings right now. .

Please don't get me started on the low appraisal's we are getting lately either.

Oh yeah, lets not forget about the massive number of Foreclosure's. Or what about the Dee's in Leiu of Foreclosure.

There was also a time when people would do whatever they could to keep the home they were living in. Home ownership was something one worked towards, the American Dream. Today I see people just walking away from a mortgage they can no longer afford. Or from homes that aren't worth what they paid for them just a few short years ago.

Seems like every effort we have made as a government jst aren't working to straighten this whole thing out.

So here is my question for you. What do you think should be done, or even can be done to get our country back on the track of home ownership?

 

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Topic:
Real Estate Market Trends
Location:
Indiana
Groups:
Active Rain Newbies
RealtorsĀ®
Tags:
housing
government
foreclosure
real estate
remax
short sale
deed in leiu
bob murphy

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Ambassador
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Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hi, Bob.  

You mentioned "Government".   Step #1 is to get the Federal Government out of the Real Estate Business, and out of the Lending Business.  Government caused the problem, Government is the Problem.   Let the Free Markets work!

Step #2 is that both Banks and Private Sellers must come to grips with Reality.   With rare exceptions like San Francisco, Long Island, and Washington D.C.,  most areas of America have seen 10 years of Equity literally wiped out.   Houses have declined in Value by 25% to 50% or more across the USA.   Price them accordingly!

Step #3 -  the 2012 Elections - dump ALL incumbents, every last one of them.   Maybe just maybe we can get some new faces that actually care about America.

 

 

Jun 03, 2011 05:16 PM #1
Rainer
366,437
John Michailidis
Real Property Management of Sarasota & Manatee - Sarasota, FL
Real Property Management of Sarasota & M

Simple. People need to learn to SAVE and not expect 5% down-payments. Bankers need to KEEP their mortgages rather than pawning them off on investors, thus removing the consequences to writing bad loans.

 

Jun 03, 2011 06:21 PM #2
Rainer
246,225
Daniel H. Fisher
www.FisherHermanRealty.com (704) 617-3544 - Charlotte, NC
MCRP - Charlotte Real Estate, NC or SC

The housing market is stripping out excess value created by special financing, increases in in household incomes and inflation.

Existing homeowners are going to sell with a perceived loss of equity, remain upside down in their houses unable to sell or move, or they are going to sell short, allow foreclosure or other distress sales.

Once 1st time homebuyers, relocation clients, homeowners with equity who sell and buy replacement properties, and investors absorb current distressed property inventories, prices will stabilize at a new, probably lower level.  Lenders I talk to think defaults and foreclosures will generally be sold through in the next 1.5-2 years.  Market stability is mainly a matter of time.

Jun 04, 2011 01:07 AM #3
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Bob Murphy

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