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Is the Market that Bad?

By
Real Estate Agent with Keller Williams Realty Puget Sound #1944

There is this perception that the market is terrible throughout the country. 

I know California, Las Vegas, and Florida have really been getting hammered.  I am curious to see how real estate is doing in the rest of the country.  I am doing some informal market research about the real estate in other markets.  Please share what type of market you are encountering. 

For your consideration, in Seattle or the greater King County area, the market is now returning to a neutral market with a slight advantage to buyers.  However, a well priced and well conditioned home is still selling fairly quickly.

This is our market, what about yours?

Thanks for sharing,

Brian Manaois (Ma-now-is), RE/MAX Realty South

Show All Comments Sort:
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
You are right we are getting hammered in Florida!
Nov 14, 2007 04:21 PM
Brian Manaois
Keller Williams Realty Puget Sound - Maple Valley, WA
Maple Valley Washington Real Estate

Mark,

Just curious - are you in Pennsylvania or Florida?  Are well priced houses in good condition selling or are they sitting as well?  Thanks, Brian

Nov 14, 2007 04:25 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Hi Brian:  The market in Fort Worth is sluggish.  Although the pricing in this area is very affordable, most of the people I have talked to seem to be putting themselves on hold.  I'm not sure if they are scared, have been listening to the national media too much or what.  They just seem to be in a holding pattern.

Nov 14, 2007 04:28 PM
Brian Manaois
Keller Williams Realty Puget Sound - Maple Valley, WA
Maple Valley Washington Real Estate

I see some of those same signs here.  Thanks for sharing!

Nov 14, 2007 04:31 PM
Susan Walters
Keller Williams Realty, Ann Arbor, MI - Ann Arbor, MI
We're not getting hammered, we are getting pummeled in Michigan.  Fortunately, I am in Ann Arbor and it is the strongest real estate market in the state, primarily from the University of Michigan presence and the culture that surrounds it.  Today's news said that Detroit and environs are the number 2 foreclosure areas in the nation.  Thank God we are not part of the Detroit environs but foreclosures are very high in the Ann Arbor area too.  We are hoping to hit bottom and have a respectable year in 2008 but who knows? 
Nov 14, 2007 04:32 PM
Brian Manaois
Keller Williams Realty Puget Sound - Maple Valley, WA
Maple Valley Washington Real Estate
Wow...lucky for you but major bummer for them.  It pays to invest in a college town?
Nov 14, 2007 04:36 PM
Carol Culkin
Diamond Partners Inc - Overland Park, KS
Overland Park Residential Real Estate
The media hype is scaring our buyers in upstate NY who are ready willing and able to buy - in what appears to be a market that is starting to recover (regionally). It's not completely turned around but it seems to be starting to stabelize here. Yet, buyers are still waiting. Purchase offers are down - but prices are not (according to the average selling price in MLS for the reduced number of closings last mont). 2250 available listings last month for our county and only 150 closings.    
Nov 14, 2007 04:44 PM
Brian Manaois
Keller Williams Realty Puget Sound - Maple Valley, WA
Maple Valley Washington Real Estate

Aaah...the power of media.  Consumers really pay attention.  It sounds like you have some opportunties around the corner.  Good luck and thanks for your input.

Nov 14, 2007 04:47 PM
Chris and Maria Jeantet
Shasta Living Real Estate - Redding, CA
Top Realtors in Redding CA

Brian

Like you said, California is being hammered but we have an advantage over what's going on in the rest of the State. Redding is located north of Sacramento about 2.5 hours and we're not far from the Oregon border. Our median home price is under $280,000 which is one main reason why people are still moving to this area from all over California and neighboring States like Nevada & Oregon. The median home price for our State is $575,000 so you can see we're still very affordable. Plus, it's an incredible place to live and raise a family. People come here to get away from the congestion and hassle of a city, they come searching for better schools, less crime and the ability to buy a bigger place. That's Redding for you. We are experiencing a high level of inventories like most markets which is great for the buyer but we do have a shortage of buyers due to the tight lending requirements. But overall, it's not doom and gloom like other areas.

Nov 14, 2007 04:48 PM
Brian Manaois
Keller Williams Realty Puget Sound - Maple Valley, WA
Maple Valley Washington Real Estate
Hey guys - Redding sounds like a great place to be.  I visited Redding once and had my ice cream cone melt while I was in the parking lot.  It was soooo hot.  I appreciate your insight.
Nov 14, 2007 04:56 PM
Rich Jacobson
Fathom Realty West Sound - Poulsbo, WA
Your Kitsap County WA Real Estate Broker
Hey, Brian! Welcome to the ActiveRain Community! We're experiencing a 'normal' market, compared to the HOT market we've had for the past several years. But since it's considerably slower, many people, especially those new to the business, think it's HORRIBLE!!!....We're fortunate here in the Pacific Northwest. Our market is much better than most....
Nov 14, 2007 05:18 PM
Brian Manaois
Keller Williams Realty Puget Sound - Maple Valley, WA
Maple Valley Washington Real Estate

Rich - Thanks for the welcome and the perspective. 

Brenda - So there is hope in Southern California.  That's good to know.  Good luck!

Nov 15, 2007 12:43 PM
Stacy Magid
Century 21 New Millennium - Woodbridge, VA

We are experiencing a tremendous amount of foreclosures in the Northern Virginia area.  Many homeowners are way in over their head with their mortgage situations and turning into short sales. 

While many realtors are being hit reallt hard by the current market conditions I have managed to keep myself very busy and take advantage of foreclosure listings. 

Nov 15, 2007 12:53 PM