HOME SALES ARE UP! WAIT, THEY’RE DOWN! WAIT… UMMM.

By
Managing Real Estate Broker with Terra Firma Realty Group

 

 

All of the reports from the various "experts" and news outlets this week, and in previous weeks, can confuse people as to what is really going on within the housing market.

You have home builders reporting on Wall Street, and other places, about housing starts and permits being down.  You have the National Association of Realtors reporting sales of existing homes are up.  And you also have short sales surpassing foreclosures, in sales, for the first time, ever.

"Good News on Housing Permits More Than Offsets the Bad News on Starts”— HIS Global Insight

 

Housing Starts Decline Again” – Capital Economics

 

March Multifamily Starts Down; Permits Continue Upward Trend”— KBW

 

March Construction Numbers Aren’t As Bad as They Look”— Trulia.com

 

Housing Starts Lacking Consumer Confidence” — Sageworks Inc.

 

Here’s the problem: We are living a tale of two housing markets, single and multi-family. Depending on what kind of builder or investor you are, you’re going to see the housing starts numbers differently.” - Diana Olick, CNBC Real Estate Reporter

 

She is correct. But what most people, even the smart ones, forget is that housing is NOT a national economy! It is not even really a regional economy.

 

It’s a local one.

 

What I mean is, that what is happening in Stuart, Port St. Lucie, Palm City or anywhere in Martin County or St. Lucie County, Florida is not what may be happening in West Palm Beach or Orlando or Ocala.

 

If something happened good or bad for the local economy in Jacksonville it may not have any impact at all to the Treasure Coast. It could, but most of the time it isn’t the case.

 

In fact real estate can be scaled down so much that it can just be a particular neighborhood or series of blocks that differ in value – up or down – for various reasons.

 

So next time you hear about real estate on a national level be sure to take a look around your area afterwards to see if you agree with the numbers.

 

Remember, just like when you are choosing a REALTOR to find your next purchase or to sell your current home, use the information that is available locally to be better informed for your part of the world.

 

To do so, you can tune in to my weekly radio show on WPSL 1590 AM or watch it here. You can also keep up with my Blog, read the newspaper or talk to your neighbors and business associates to get a better feel as to how things are going.

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Todd & Devona Garrigus 04/19/2012 05:19 AM
Location:
Florida St Lucie County
Tags:
housing market
foreclosure
stuart
palm city
port st lucie
short sales
rescue florida realty

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Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Jeffrey, thanks for the comments on housing trends, I am starting to not believe anything that I read, seems everyone has an opinion on what housing is doing now, locally, regionally, nationally. yet none of them agree.

Apr 19, 2012 02:56 AM #4
Rainmaker
613,114
Todd & Devona Garrigus
Garrigus Real Estate - Beaumont, CA
Broker / REALTORS®

Jeffrey, yes, real estate is local. Plus I also think with how bad our crash was, we are destined to see a sloooow recovery, with many ups and downs.

Great blog. Congrats on the feature. I reblogged it! :)

Apr 19, 2012 05:17 AM #5
Rainmaker
1,124,276
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

This is an issue that I discuss with my sellers - they hear one thing but I may be telling them something different.  And what I told them last month may be different than this month.  It's all about knowing the local trends and staying on top of them.

Apr 19, 2012 07:02 AM #6
Rainer
6,932
Jeffrey D. Rubin
Terra Firma Realty Group - Stuart, FL
CDPE

Bob -- that's why as professionals we have to be well educated and be able to inform our clients every day as to what is going on.

Thanks for re-posting my blog Kivett-Teeters and Associates! I appreciate your positive comments.

Margaret -- Amen! Why can't there be more of us professionals out there???

 

Apr 19, 2012 07:43 AM #7
Rainmaker
925,211
Joy Daniels
Joy Daniels Real Estate Group, Ltd. - Harrisburg, PA

Real Estate is local - we need to know what is happening in our location - not what the "powers to be" are saying, but what the sales/mls data is saying.  I enjoyed your post.  Thanks!

Apr 19, 2012 10:18 AM #8
Rainmaker
544,437
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

All real estate is local and our local area is up just over 18 percent from last year, according to our MLS. Love it!

Apr 19, 2012 10:34 AM #9
Ambassador
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Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Part of the reason we do so many localism reports and various market reports is to counteract all the national bad news.  Here's the straight LOCAL real estate market, and it's the one that matters.

Apr 19, 2012 11:23 AM #11
Rainmaker
926,706
Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

I hate all this mumbo-jumbo from Trulia and Zillow.  Half the time they can't even map the properties correctly in our area, let alone assign them a true value.

Apr 19, 2012 12:16 PM #12
Rainmaker
1,317,757
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

You can't blame the public for being confused.  It is very difficult to convince folks that what they hear on the national news does not apply to our real estate market here in Southern New Hampshire.

Apr 19, 2012 12:22 PM #13
Rainmaker
843,356
Mel Ahrens, MBA, Kelly Right Real Estate
Kelly Right Real Estate - Hood River, OR
Customized Choices for your Real Estate Needs

It's amazing how many differing opinions are out there. Just goes to show that a lot of the health of the real estate market depends upon the public (and media's) perception of it.

Apr 19, 2012 12:34 PM #14
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Jeff, no matter what ANY media says, Real Estate market overall IS UP! I feel that, I see that, I.....I experience that....

Apr 19, 2012 01:35 PM #15
Rainmaker
346,423
Dawn Maloney
RE/MAX Trinity Northeast Ohio Real Estate Specialist - Hudson, OH
330-990-4236 Hudson & Northeastern Ohio

Our market has more transactions and more multiple offers. Prices are not going up yet, but if this continues, they will have to due to supply and demand. This is good!

Apr 19, 2012 01:55 PM #16
Rainmaker
810,189
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Jeffrey:

Yes, everything is local.  We shouldn't even pay attention to the national new when they talk about real estate.  We should only be concerned with our market.

Apr 19, 2012 02:33 PM #17
Rainmaker
638,444
Maria Morton
Platinum Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

National statistics are interesting but when you're ready to sell your house, you need to have your Realtor go over what's happening in your city, zip code and even the blocks surrounding yours.

Apr 19, 2012 03:13 PM #18
Ambassador
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Amanda Christiansen
Christiansen Group Realty (260)704-0843 - Fort Wayne, IN
Christiansen Group Realty

I couldn't agree with you more.  Real estate is local.  Period.  Thanks for the entertaining (and easy to raad) blog!  

Apr 19, 2012 09:34 PM #19
Rainmaker
4,798,519
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I've read the same reports Jeffrey.  The important ones to read are the local results.

Apr 19, 2012 09:41 PM #20
Rainmaker
3,160,795
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Well said Jeffrey, I have been peaching this for some time only hoping our local media will pick up on it. They are so set on reading news straight off the wire like the AP that they have missed our currently listed homes are down near 30% and sales are up near 18%. With many new listings getting multiple offers the news needs to reflect what is happening here, not national.

Apr 19, 2012 10:40 PM #21
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Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

The media sells DRAMA not news... not necessairly TRUTH.... just wha they think will stir up their audience. Grrr....

Apr 19, 2012 10:48 PM #22
Rainmaker
2,546,484
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

The subject is not going away any time soon no matter what you think of it....Real Estate never sleeps

Apr 20, 2012 12:00 AM #23
Rainmaker
387,867
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!

So true!  Even within the same community or neighborhood, there can be differences in pricing and inventory.  Very important to understand the local context when considering a real estate investment or purchase.

Apr 20, 2012 02:57 AM #24
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