Current Housing Market Debate...

By
Home Stager with Minnesota Home Staging Network~ MN's Top Home Staging Firm

Obviously the current housing market has been a big debate. Are you all finding some of the below articles to be true for your area?  I've spoken with some of our local Realtors who disagree with what the media is saying and have found that some have not had any decline in sales at all. When speaking to some of our builder clients, I know they are struggling along with all of their contractors, but what about existing homes?

Here are some of the articles and discussions I'm referring to:

http://www.realestatejournal.com/buysell/markettrends/20061107-gerencher.html

http://housingdoom.com/

http://usmarket.seekingalpha.com/by/type/housing

As a Staging company, we've actually been pretty fortunate. Most of the homes we've Staged have sold quite quickly but there are those that we feel are over-priced for the neighborhood, the location and even the current market.  Overall, I have to say we're seeing houses move. What are you seeing?

Comments (8)

Ken Horst
MLS Maps, Agentopolis, Tweet Me Homes - Minneapolis, MN
Thanks for the great links.
Dec 28, 2006 03:21 PM
Christopher Smith
EquityScout.com - Houston, TX

The Wall Street Journal, in my opinion, tends to carry coverage that is pretty balanced.  HousingDoom.com is on the other end of the spectrum - they're one of the "bubble watchers" who come into any news story with a predefined opinion.  I haven't followed them enough to have a view on the veracity of their analysis, but be aware that they have a specific drum to beat about the impending real estate collapse.  

Some of the points from the WSJ article might ring true to you and some might not.  The main reason for this is...you're in Minnesota.  Different markets are weathering the ongoing changes in different ways.  

One thing to bear in mind, though - although real estate is local (by definition) we all do have a stake in what happens in at-risk markets.  Prices/sales are already starting to flatten in so areas.  A soft landing will keep the economic wheels greased across the country, but a more abrupt correction will send the wrong type of message that will impact consumer confidence nationwide.  So even though we're not selling houses in California or Florida we do have some interest in what happens there.  

Dec 29, 2006 02:09 AM
Phyllis Pafumi
ReStyled to Sell Home Staging New Jersey - Old Bridge, NJ
ReStyled to Sell Staging Homes NJ

Hey Beth, First I want to say thanks for your comments to my Press Release and yours was great, a little wordy but real practical, while mine was over the top of people's heads, no??

Anyway what I am seeing where I am is that prices are definitely coming down. They have to or the houses will not sell. Most of the homes that I have staged did sell, but some have not because the sellers refuse to lower their price. What is happening is that buyers are not even coming to look at it if they feel it is out of their price range.

I just refinanced and believe me, my house looks great and is in tip, top shape, but our appraisal came in real low due to a comparative market analysis with other similar sized homes in our area. My husband said he would rather burn our house then sell it for that price..I would tend to agree.

Hoping for a better market this Spring.  

Dec 29, 2006 07:37 AM
Robert Smith
Preview Properties, PC - http://www.RealEstateMich.com - Brighton, MI
SRES, Search for Homes Brighton-Howell-SE Michigan
In my area, the last two years have shown price declines.  The number of sales and sales $ volume is down, mostly I think due to the big downturn in new construction.  The real problem, I think, is that there is probably 30-35% of our MLS inventory in homes that aren't saleable because of price, condition or both.  That translates into a longer time on the market.  The popular media seems to have forgotten that the housing market is what has pulled our economy through for the last 5 years and is concentrating on our current woes.  It is still A GREAT TIME TO BUY, especially if you're moving up in dollar value.
Dec 30, 2006 05:32 AM
Minnesota Home Staging Firm, Minnesota
Minnesota Home Staging Network~ MN's Top Home Staging Firm - Inver Grove Heights, MN

Thanks for your response Robert. Not sure what area you are currently working in but I couldn't agree more with your comment. Wish I was in the market to buy!  Am still encouraging others that if they are ready to up-size, now is the time to do it...as long as their current house is Staged and looking better than their competition. 

Best of luck to you in the New Year! 

Dec 30, 2006 05:40 AM
Tony Croft
Tony Croft Team at Northstar Funding - Helping 1st Time Buyers, Move Up Buyers & Investors - Hoboken, NJ
Mortgage Advisor 201-943-6800
Thanks for the links. Great information!!!
Dec 30, 2006 07:09 AM
John Occhi
Mason Real Estate - Temecula, CA
SRES,CPRES.ePRO - Temecula-Murrieta CA Real Estate

I believe there is definately less action in my market, however I do believe that the prices have continued to climb.  I also believe both trends will continue into 2007.  by the time the Spring/Summer buying season hits us...well I guess at that point it could go eather way.

 Have a Blessed Day,

John Occhi, Hemet Realtor
www.JohnOcchi.Com

 

Dec 30, 2006 05:15 PM
Anonymous
Mark
Have to agree with what John says too.  The houseing market has been on the rise for years. About time it started steadying off. Many peaple can't afford the house they are currently living in if they were to purchase it today. What is that telling you?
Jan 04, 2007 01:03 PM
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