"LOCAL IS AS LOCAL DOES"....MAYBE A "NEW" Tag Line For ACTIVE Real Estate Markets Will Work!!!

By
Real Estate Agent with Douglas Elliman Real Estate 30HA0800896

"LOCAL IS AS LOCAL DOES"..Maybe A "NEW" tag-line for ACTIVE real estate markets will work!!!

I wrote this post on June 15---exactly 1 month ago and had a modest response to the question:

ARE YOU IN A REAL ESTATE MARKET PLACE THAT IS GROWING DESPITE WHAT WE ARE HEARING IN THE NATIONAL NEWS?

I thank those who responded early on and it made me realize that the local market place is extremely vulnerable right now to National news reports about how bad the real estate market is---Yesterday I heard that the media is now predicting it will take until 2017 before the real estate market begins to improve!!! 

IT CAN NOT BE STATED TOO MUCH: "ALL REAL ESTATE IS LOCAL!" Here in The Hamptons, I reported a few weeks back that we are seeing a serge of sales with a well defined separation between new construction prices and existing homes prices.

LOCAL NEWS NEEDS TO BE TOLD!The difference can be as much as 50-60% higher on newer homes on the same street!--Now this is news! 

On one street here in Southampton, exisiting homes are selling for $1.8-$1.9....Brand new construction sells for $4.2-$4.8Million!!!

I have read nothing about this kind of market data from ANY national reports!!!

One exception is this latest article that hit the nail on the head with an article from Inman News:

http://www.inman.com/news/2011/06/14/timely-local-real-estate-data-trumps-national-reports?

In a race to get the news out about this very fragile real estate market, the media has lost all perspective about the local markets. Those markets which are forging ahead and showing growth in sales volume while prices inch higher are the biggest news makers and yet those stories are lost in the maze of national headlines!

A RACE TO GET THE REAL ESTATE "NEWS" TO THE PUBLICCAN WE HEAR FROM THOSE MEMBERS HERE ON ACTIVERAIN WHO HAVE A REAL ESTATE MARKET PLACE THAT IS GROWING DESPITE WHAT WE ARE HEARING IN THE NATIONAL NEWS?

Timely information is the key to making the right decisions in any industry; in these times of uneven results for most businesses, we need to know what is happening, where it is happening and what the projections are for the near future in our profession!

The public deserves this;  buyers appear to be ready to pull the trigger in many market places. Homes have not been so affordable since the '90s and the need for good, accurate informaion about the "pockets" of success in real estate will make or break our local businesses for the forseeable future.

Let's get the word out--no where else can the public get the well informed opinions about what is really going on in local markets, then right here on ActiveRain!!

PLEASE TAKE THE TIME TO RESPOND WITH AS MANY DETAILS ABOUT YOUR MARKET PLACE, BOTH SALES AND LISTING INVENTORIES!

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Rainmaker
506,030
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Paula, I do need to get my local statists done, we are having sales and things are moving. on June 4, 2011 the Wall Street Journal did a great article called WHY IT"S TIME TO BUY with a tagline, the clouds haven't quite parted,but the long-term case for home ownership is looking stronger. Its something buyers should read!

Jun 15, 2011 02:02 AM #6
Rainmaker
3,201,593
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hi Paula,  Here in Denver, we are seeing a very positive increase in sales, my business partner, Belinda, and me are so busy right now it is hard to get a day off.  I do not have time to listen to the news!

Jun 15, 2011 02:07 AM #7
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Ellen: Sounds like there is some recognition--it is still just a narrow field of publications that cover it though and meanwhile, buyers are not responding like they would if they realized that THIS is the time to buy!..such good news should be on everyone's lips right now--it is the only way we will get out of the economic morass that we are in!!!

Jun 15, 2011 02:08 AM #8
Rainmaker
313,528
Glenn Roberts
Retired - Seattle, WA

Not only are markets in Seattle (Case-Shiller's Seattle included 3 large counties), but in each local market you have two kinds of Sellers.

  1. Those that accept the current market and price to sell.
  2. Those in denial who list their homes at 2007 prices and hope for a miracle.

Journalism will continue to seek readers and just as USA Today (One paper to fit all markets) seems to survive, so to will those spewing C-S statistics at cocktail parties. Our local market report on AR needs to be accurate and honest and hopefully readers will find us.

Jun 15, 2011 02:27 AM #9
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Glenn: You are so right! This is the one place where I can feel confident to get accurate local information from across the nation--I can't believe any of the other publications!

Will:That's a good sign!...any local newspapers in your area? It is interesting to hear hhow so many newspapers went out of business--my comment to that is: "No wonder they are out of business-- reporting good local news is still an essential part of the American way of life!"

Jun 15, 2011 03:41 AM #10
Ambassador
2,875,761
Anna Banana Kruchten - Phoenix Homes Sales
Phoenix Property Shoppe - Phoenix, AZ
603-380-4886

Paula - this is an excellent idea!  Here in the Phoenix Metropolitan area  the market stats that I just completed are astounding. The number of listings is down in many areas to less than a 3 months supply, pendings are very high as are closings. We are seeing MULTIPLE bids are many homes, particuliarly in the under 350 range.

REAL ESTATE IS LOCAL - CONTACT YOUR LOCAL AGENT FOR THE REAL NUMBERS!

Featured in BananaTude

Jun 15, 2011 07:27 AM #11
Rainer
98,356
Karen Poss
Coldwell Banker Pinnacle Properties, Florence Alabama - Florence, AL
Realtor - 256-366-6292 - Search Florence Al Homes For Sale

Hey Paula,  I saw this post early this morning and knew I wanted to see the comments that followed...so I subscribed to your blog.  I have not done my market reports in a few months but your blog has made me very curious to see what is going on in my market. I will be back soon to give my update.

Jun 15, 2011 11:43 AM #12
Ambassador
582,397
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker

There is both good news and bad news in our local market, and we owe to our clients to share about both. It's a great time for investors. There are many short sale or foreclosure properties that can be purchased for an incredible savings. 1st Time Buyers are also captializing on the current market dynamics with home prices falling back to historically low levels, making home ownership a greater reality for many. Obviously, the bad news is that it's a challenging market for those who need to sell their home who bought at the peak of the cycle and either don't have a lot of equity built up, or may need to bring money to closing. Regardless, there are always opportunities in every kind of market dynamic!

Jun 15, 2011 01:26 PM #13
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Rich: Thank you for your local information! I agree that "we owe it to our clients to share about both" the good news and the bad news! I am also finding first time buyers are having a hayday with the low rates, the low prices and the opportunity to be in the best ownership postion for the future.

Jun 15, 2011 02:27 PM #14
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Anna: Thank you so much for your contribution! This is such a great opportunity for many new buyers that I have begun to focus my efforts almost completely on this new segment of the market. The "millenniasl" as I call them are coming out from the city---Wall Street successes under their belts, money in thier pockets and they want to own a house! Good luck with your market and its so good to see inventories are adjusting downward!

Karen: I just updated this post so that more members can see it and comment--I think it got lost in the early morning shuffle and it disappeared for some time, so here it is again! Please come back and contribute your market information so we can all read it too!

Jun 15, 2011 02:37 PM #15
Ambassador
1,154,258
Bryan Robertson
Los Altos, CA

The SF Bay Area is a good example of where national news reports one thing and the facts reflect another.  The media will often talk about Case-Shiller (CS), but CS doesn't include Santa Clara County (the San Jose market) in their data.  The irony is that Silicon Valley (which includes San Jose) is one of the strongest markets in the country.

I think NAR needs to work with the state associations to publish reports on local markets and micro markets to show a more accurate view of what is really happening.  The general data is so broad it's useless.

Jun 16, 2011 06:34 AM #16
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Bryan: I am so sorry I never responded to your comment here; I just found out AR has not been notifying me of comments on some of my posts---anyway: I am in full agreement that NAR could be doing a better service to all of us if they made it easier to evaluate markets that ARE doing well....right now I am so busy I can't see strainght! (knock on wood!) It is very busy again and it relaly breaks down into 2 separate markets right here in this area. New builds are getting top dollar and exiting homes are taking a hit----AGAIN! That is where we are seeing the biggest decrease in price---the existing homes.

Jun 22, 2011 10:46 PM #17
Rainmaker
2,942,323
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Sorry I did not see it when you first posted it.  Sales here are brisk but not making money hand over fist. 

Jul 14, 2011 10:55 PM #18
Rainmaker
841,357
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct

Paula, so true, real estate is linked to the local economy. Here in Connecticut some towns are up for the year and some towns are not. Once needs to look hyper local for real estate, you hit the nail on the head with this one.

Jul 14, 2011 11:03 PM #19
Ambassador
2,740,947
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I look at the numbers.  The HARD CORE numbers.

Loudoun County Virginia

January through June, closed sales for single family detached homes were:

2010 - 1261 closed sales with an average price of $526,573.
2011 - 1259 closed sales with an average price of $539,286.

HA!  Try to make a news story out of THAT!!!

Jul 14, 2011 11:11 PM #20
Rainmaker
1,793,877
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

This is a great positive post and in my area of North Kingstown we are finding sales slightly up but still a buyers market with prices down 5% since 6 months ago.  However, the pending sales remain constant and up which is great Paula.  On the lower end of prices, homes are going into agreement in less than a month!

Jul 14, 2011 11:43 PM #21
Ambassador
1,041,795
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Paula, great post! You are so right, real estate is local, very very local. And the news would have us believe otherwise.

My areas are sluggish, wish I could report better. But sales are up over last month...

Jul 15, 2011 12:16 AM #22
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

James: Sorry you missed it the first time around but thanks for responding....a month ago we were busier than we are now and I a wondering if the national news is making more difficult...

David: I think you are correct--some parts of the Hamptons are still struggling and some are going through the roof... it all depends on the demographics--I find that Bridgehampton has a larger percentage of Wall Street buyers.

Lenn: I see what you  mean!.....I think I will leave that alone---but at least it's not totally negative! :)

 

Jul 15, 2011 02:06 AM #23
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

Ginny: I think we have a very similar market; the lower end of the market is very fast and strong---people want to get in any way they can and the lower end is an indicatioon of that. Our mid-market prices are edging up and sales are up over last year...but it is still sluggish.

 Andrea...and it sounds like your market is much like what is happeing in RI with Ginny and my market here. The national news does make a difference to my market place--people don't often have an understanding of the Hamtpons market and if they don't get information in a timely manner from me or anyone else here---they just listen to the national news, and there you have it!

Jul 15, 2011 02:16 AM #24
Rainmaker
495,774
Paula Hathaway, REALTOR, LBA
Douglas Elliman Real Estate - Southampton, NY
...The Most Informed Agent In The Hamptons!

David: Very interesting! I too have the feeling that the cash deals that are being done right now--almost all deals are cash right now--will have an interesting impact on the reale state market down the road....there is finacning being done but only at the lower price levels. The once, well qualified buyers are those who are not financing--whether by choice or because they can not get financing--there is going to be a time when they start to consider financing and I am interested in seeing how it affects the market in general. Thanks for your input, David, and lets see how this "weirdness" progresses! :)

Jul 16, 2011 10:44 AM #26
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Rainmaker
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Paula Hathaway, REALTOR, LBA

...The Most Informed Agent In The Hamptons!
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