Just how bad is the market in your area?

By
Real Estate Broker/Owner with G L Myers Real Estate Services NC Broker #168385
Here in Chapel Hill the market is less robust than it could be, but nothing to cause any great concern. However, that is not true in many areas, such as two of my former places of residence California and Florida. It seems things are bad enough that some entrepreneurs are creating business based on teaching people the best way to walk away from their mortgage. I have even read where banks are walking away from properties in some areas of Cleveland, leaving the property to the government rather than pay taxes and fines on a property they can't unload. I prefer to be optimistic, it just makes for a better life. In the areas that saw unrealistically high prices, has the market stabilized? Is business turning around or are seminars on doing short sales more popular than ever?

Comments (11)

Cathy Glass
Realty Executives Associates - Knoxville, TN
Realtor - Knoxville, Tennessee
Our market is down in price, and it takes a little longer to sell. I've been posting as 5-year study for different house sizes. It's a work in progress. You can see all at www.CathyGlass,com
Feb 10, 2008 12:49 PM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Hi Greg,   Here in Southwest Florida the market is showing a marked increase in attendees at open houses, requests for showings, etc.  Hope this is signals a return to a more normal market !
Feb 10, 2008 12:49 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Gregg,

I think it depends on whether you are a buyer or a seller.

Actually our market activity has picked up since about the second week in Jan. However we are continuing to see more short sales and REO's at this point. I expect then to continue throughout 2008. Plenty of opportunity for buyers.

Feb 10, 2008 12:53 PM
Greg Myers
G L Myers Real Estate Services - Chapel Hill, NC

Cathy, nice job on the data presentation. I'm sure it helps instill confidence in your ability with your clients. (Your link needs fixing.)

Bill, I'm glad to hear the worst is over in your area.

Lynda, sounds like it's still very unsettled out your way.

Feb 10, 2008 01:49 PM
Don Wixom
RE/MAX Executives Nampa, ID - Nampa, ID
"Looking out for your next move..."tm
Greg:  I have experienced an awesome week with 6 new pending transactions!  I think things are turning around, here in Idaho!  Hang in there, my friend!
Feb 10, 2008 01:50 PM
Greg Myers
G L Myers Real Estate Services - Chapel Hill, NC
That's great to hear Don.
Feb 10, 2008 01:56 PM
Kai Lani
RE/MAX Kai Lani - Kailua, HI
RE/MAX
We kind of think the downturn has put us back into a "normal" market in Hawaii.   Some of the new realtors and agents don't understand this.   Some of the sellers don't understand this.  The buyers are reveling in their newly found power.   Jerry
Feb 13, 2008 04:25 AM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Tucson's doing better than most markets in this downturn thanks to the University of Arizona, the US Air Force base (Davis Monthan), Raytheon, and our lovely snowbirds.

Feb 13, 2008 12:58 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert
Greg, here in Connecticut we are pretty stable.  So far this year though I have been very busy, and I hope that what I am experiencing is a sign of things to come.
Mar 04, 2008 02:23 PM
Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina
Bill - You're in the right place.  Sales in the Triangle are very similar to 2004 levels - not a bad place to be after two record years.
Apr 13, 2008 07:06 AM
Greg Hampton
Re/Max Around The Mountains - Blue Ridge, GA
North Georgia Mountain Property,Blue Rid

Greg: Our market is a second home market. That means it is pretty slow.

Jun 02, 2008 03:08 AM