Where is your Market?

By
Real Estate Agent with Southside Realty

How's your market doing? I think many of us throughout the nation have been experiencing some incredible market trends over the last few years. Most of us are still trying to catch our breath from the rapidly changing market conditions.  How fortunate we are,  to be able to play a role in  and experience such astonishing market "Highs " both in terms of a sellers market and  a Buyers market in such a short term of the market cycle with in just the last couple of years.

It is a fact, consumers are being bombarded with a barrage of "market condition" messages. Information is  being spewed at them from every conceivable direction. It seems every where you look these days ,  books , papers, or magazines , Government studies, Realtor Group Studies,  everyone seems to have their own opinions on just where this housing market of ours is headed.  I think we have probably all heard the conflicting  opinion's varying from one end of the spectrum to the other, I know I have.  Stabilizing? Deflating? Expanding?  And that certainly  seems to be the foremost question on the mind of almost  every home buyer or seller I talk to today. 

  Since individual markets throughout the country are not all on the same plane of the curve at the same time in a real estate cycle, I think it would be  quite interesting to do a little market comparasion of our own. One that is    from the  perspective of the Realtors who are  actually out there working in the trenches everyday.  That would be you and me folks.

 So the question on my mind  is just Where is your market today? Too much inventory, or not enough inventory.   How does the supply and demand stack up in your neck of the woods?  I think it would be interesting to revisit our responses about this time next year to see the how the "Now and the Then"  market comparisons will look.

As for the Hampton Roads Va. area, I have watched our market come full circle in the last couple of years, January two years ago found Hampton Roads Realtors really scrambling just to find A home to show, Any home for that matter. Picky wasn't an option.   Inventories were so low I was beginning to wonder if the housing Grinch was sweeping through the area in the middle of the night and steeling off with all of the for sale signs or something.  Buyers with their agents in tow, racing to be the first ones on the scene of  every "New Listing"  that hit the market had become an "every Listing" event.  Seller's never had it soooooo good!!!   Before you could finish installing the sign on their front lawns multiple offers were pouring in, all out  bidding wars in full swing. Yep, those were the days of RAPIDLY , No almost Obscene, is probably a better choice of words to used to describe the housing appreciation rates for this area over  the last few years..  For sellers there seemed to be no end in sight to  the skyrocketing home prices. Days on the market? What days on Market? Hours, even minutes was  becoming the  expectation and pretty much a reality for many sellers in Hampton Roads , at least for a brief while.  But wow, what a great ride that cycle was, if you were selling a home that is.  Buyer's on the other hand, were not finding the experience quite as exhilarating.  To the contrary, they were just trying to get into a home before they found themselves priced right out of the market.   Well, as the old saying goes, sooner or later whatever goes up, must come down, or at least slow down. And it looks like the buyers finally get to have their day, By last August ( 2006) inventories had  begun to rise almost as rapidly as they were  depleted, just a few short months before.  The supply and demand factor at work seemed to be in full swing "IN REVERSE", that is,  with a market now becoming saturated with inventory. Buyers, soon begun to realize this, and  were beginning to enjoy the benefits of an ample supply of inventory, finding themselves now in the position of being able to become much more selective. Choosier in terms of price, conditions, seller concessions, and amenities!   So, for now ,  it's back to the  basics Sellers!  You remember the ones I'm talking about, Pricing it right, Making it sparkle, making it standout from the competition... yep, those basics.

 All things considered I would say 2006 was a great year for our market here in Hampton Roads VA., and it looks like 2007 is shaping up to be another stellar year for the  Hampton Roads VA.  area, although,  perhaps with a little less bias toward either buyer  or seller.  Current market conditions seem to suggest a bit more of a trend towards a more normalized balance of supply and demand in housing for our area this year.  Pretty Good market  conditions  prevail at this time for both buyers and Sellers I would say! 

Sooo, just what is your market up to these days?

Name:Karen Pecsek, ABR CRS
Company:The Real Estate Group

Email:Contact Karen Pecsek, ABR CRS
Website URL:http://www.karenpecsek.com/

Office Phone:(757) 410-9600 Ext.: 174
Cell Phone:(757) 718-3454
Alt. Phone:(757) 549-4915
Fax Number:(757) 226-8157
Description:1112 Eden Way N Chesapeake, VA 23320

 

 

Comments (4)

Mario Levesque
Advantage Avenue Real Estate - Wesley Chapel, FL
Tampa Realtor

Hi Karen,

Welcome to the ActiveRain Blog network. 
When you get a chance, visit the post below for tips, info and features of ActiveRain.

http://activerain.com/blogsview/37303/For-Newbies-Getting-Started

Cheers,
Mario

Feb 01, 2007 02:53 PM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate
Hi Karen - Las Vegas has just over 20,000 homes on the market, down slightly from our peak of 22-23,000 a couple of months ago, but ideally we'd like to see our inventory in the 12-14,000 range. Median prices have held pretty steady but average days on market is up around 70. Still, it's been an encouraging first month of 2007 for us as we're seeing more offers and multiple offers on our listings.
Feb 01, 2007 03:39 PM
Colleen Irwin
Retired - Irondequoit, NY
Creative Real Estate Solutions...
Congratulations on your first post and welcome to Active Rain!   If you ever have questions, please let me know...  We are in a buyers market here with tons of inventory....
Feb 01, 2007 11:51 PM
Anonymous
Renee Kaplan
This is Renee Kaplan at www.reneekaplan.com. National City and Global insight reports that Tulsa, Oklahoma housing is the 10th most undervalued area in the nation for the first quarter of the year.
Jul 03, 2007 05:44 AM
#4