It's Time for Homebuyers To Start Shopping

By
Education & Training with Executive Director of Education at eXp Realty

OK, I don't usually post real estate market reports or updates but this is news worthy of sharing. As a lurking buyer myself currently looking to make an investment in a personal residence, I found this information to be more than just useful, it's essential to evaluate and understand the big picture.

Stan Humphries, our Chief Economist at Zillow appeared on The Wall Street Journal Report with Maria Bartiromo this weekend to talk about the housing market.

Stan says 2012 will be a confusing year for consumers. The housing market is in a bottoming process, and during that process a lot of indicators (home sales, home prices) go in different directions.  He encourages people to pay attention to the yearly changes rather than monthly blips.

Stan also offers his advice for home buyers looking to time the market bottom.

Often consumers get hung up on home values and don’t pay enough attention to interest rates. He says home buyers need to think about the overall financing of the home, not just the initial sticker price.

Watch the entire CNBC Video interview here:

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Spencer Rascoff 06/05/2012 06:08 AM
  2. Mott Marvin Kornicki 06/05/2012 06:10 AM
Topic:
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Rainmaker
761,442
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good post. The majority of markets timers get led to the slaughter. The Zillow economist is correct. It always blows my mind when a short term news story starts the hype machine. We must look at the long term always

 

Jun 05, 2012 06:58 AM #1
Ambassador
798,828
Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876

Doug - so true! Long term is the ticket. 

I love that we're in a bottoming process. Stan said pending home sales are up 14% over last year and pricing has stabalized in many areas, parts of California inlcluded which is where I'm looking to personally invest. 

It's been a challenging past few years... we're overdue for a change and positive swing in real estate. 

Jun 05, 2012 07:14 AM #2
Rainmaker
3,798,450
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good afternoon Brad,

This is a great post..long term is where we have to focus our attention..it has been a challenging past few years..the positive swing in real estate is welcome news!

Jun 05, 2012 07:52 AM #3
Rainmaker
3,108,568
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

It is always nice to get some positive news, no matter what kind :-)  Thanks for sharing this!

Jun 05, 2012 08:06 AM #4
Rainmaker
579,727
Chris Smith
Re/Max Chay Realty Inc., Brokerage - New Tecumseth, ON
South Simcoe, Caledon, King, Orangeville Real Esta

How can anyone ignore the combination of housing prices and low interest rates.

Jun 05, 2012 09:11 AM #5
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876

Dorie - it sure is the closest thing to a roller-coaster ride that I've ever witnessed!  :-)

Kristin - thanks, and I agree. It used to be that no news was good news...  lol~

Chris - you hammered the nail on the head... I need to hop on my Zillow mobile app, start finding some homes in my price range and need, then contact my local premier agent expert to help me lock this all down.  The time is NOW!! 

Jun 05, 2012 09:20 AM #6
Rainmaker
3,195,454
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Brad, I find that real estate buyers have a 'herd mentality' that is the reason some of the famous investors do well because they do their homework instead of buying when there is already momentum.... they buy and word gets out that they are buying and the rest join in. I find it in my market it has already heated up from Zero we went to 200 mph in the past two months.

Jun 05, 2012 11:04 AM #7
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876
Endre - zero to 200!! Love it. Every market is unique from the State down to county level, then to the city and hyped-local communities and neighborhoods. I live in a county that was hit pretty hard which is right next to a City that went bancrupt which is only one county away from Marin who hasn't really been affected by any of this crazyness at all.
Jun 05, 2012 11:53 AM #9
Rainer
205,520
Mark Delgado
houses for rent, Solano County & Glen Cove - Benicia, CA
Benicia and Vallejo, Property Management, rental h
It is an interesting time with reports saying "now is the time to sell" and others saying "now is the time to buy." Maybe the message should be "now is the time to look at your own situation"
Jun 05, 2012 02:35 PM #10
Rainmaker
180,228
Bill Jones
Discovery Real Estate Ltd. - "Homes By Jones" - Airdrie, AB
Realtor (403-701-1739) Airdrie & Calgary Area Homes and Condos
I guess the question is are you a Day Trader or is this to be an investment? Bill
Jun 06, 2012 02:06 AM #11
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876

Bill - Both? :-)

Jun 06, 2012 07:27 AM #12
Rainmaker
1,488,058
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

I like Mark comment,

the specific situation is more important than a rate or media pressure( that often is confusing indeed). When people are motivated, it works for everyone, if they can wait ( even if they are willing, ready and able), they always find the reason not to sell/buy/invest.

Jun 07, 2012 03:25 PM #13
Rainmaker
645,314
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas

This is good stuff, Brad!  Thanks for sharing!  

It was great talking to you the other day.  You are always such an inspiration!!!!!

Jun 08, 2012 01:02 PM #14
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Brad Andersohn
Executive Director of Education at eXp Realty - Fairfield, CA
ActiveBrad - 707.646.1876

Inna - I think the two biggest fears buyers have are "am I getting the best deal" and "will something better pop up tommorow?" which causes many to procrastinate and not jump off the fence and take the plunge.  Every client and situation is unique which is what really makes this business fun, but also challenging at times.

Thanks DeeDee, I enjoyed our chat on the phone and hope you'll keep in touch, I want to know more about the direction you take after spring cleaning.  Looking forward to hearing and reading more about your "success" stories. :-)

Jun 09, 2012 01:05 AM #15
Rainer
114,695
Irina Riley
American Dream Colorado - Woodland Park, CO
GRI, SFR, CNE, e-PRO, SRES

Great point, Brad. Real estate is seasonal. And it's even more so during the economic recovery like what we have now.

Jun 18, 2012 05:15 AM #16
Rainmaker
1,514,027
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Interest rates are a key component of the home purchase process. I think people often get hung up on price.

Jun 20, 2012 10:10 PM #17
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